A Portland biotech company aimed at developing generic prescription medicines for pets has closed on a $21 million round of financing. Putney Inc. said in a release that the venture financing will be used for product development, establishing sales and marketing capabilities and addressing additional operational and working capital needs. The financing came from Safeguard Scientifics Inc. and NewSpring Capital. According to the release, NewSpring partner Bruce Downey and James A. Datin, executive vice president and managing director of the Life Sciences Group at Safeguard, will join Putney’s board of directors to provide operational guidance and strategic expertise.
