UK-based pet-focused antibody treatment developer PetMedix closed a £27m ($37m) series B round today that included pharmaceutical and veterinary group Kyoritsu Holding and internet group Tencent.
Cambridge Innovation Capital, a vehicle formed by University of Cambridge, also took part in the round, as did venture capital firm Digitalis Ventures and spinout-focused investment firm Parkwalk Advisors.
Spun out of University of Cambridge-affiliated genetics research organisation Wellcome Sanger Institute in 2018, PetMedix is developing veterinary antibody therapies targeting medical conditions in dogs and cats including cancer and inflammation.
The cash will help the company advance its pipeline of pet care therapies, obtain regulatory approval for its pipeline, and expand into the US, European and Asian markets. It had secured $10.5m in an early 2019 round led by Digitalis Ventures and backed by Parkwalk Advisors before Cambridge Innovation Capital added an undisclosed sum in May 2020.
PetMedix CEO and co-founder Tom Weaver said: “We have delivered on all of our series A goals by building this incredible team, putting together this unrivalled drug discovery engine and getting multiple internal programmes underway.
“We are now focusing on clinical development on the path to regulatory approval, and ultimately to bringing much-needed innovative therapies to companion animals.”
