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Print Edition StoriesMonday, November 16, 2009
Putney pulls in $6.7M, plans growth
By Mass High Tech staff
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Portland, Maine-based Putney Inc. has landed $6.7 million in a Series B round led by Chemwerth Inc. president and CEO Peter Werth and a Pritzker family trust.
The financing round will enable the generic drug maker for pets to invest in its growth, Putney officials said in a press release. The company plans to double its workforce, double its number of drug developments and double its revenue. Putney plans to add 10 new employees in sales, marketing, business development and research and development.
Putney makes generic versions of pet drugs that treat pain, infections and dermatological conditions, as well as veterinarian products for anesthesia and sedation.
In July, Putney introduced its first generic drug approved for pets by the U.S. Food and Drug Administration — a generic version of caprofen, whose branded version, Rimadyl, is owned by Pfizer Inc. It is a non-steroidal anti-inflammatory drug similar to ibuprofen that Putney bought from Northern Ireland’s Norbrook Laboratories Ltd. after it was approved.
Putney was launched in 2006, and, until July, has been marketing human drugs available to veterinarians, a common practice. Company officials say they have 20 potential generic pet-drug targets of their own in the pipeline.
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