Putney Inc., a pharmaceutical company in Portland, Maine, focusing on generic drugs for companion animals, recently received $6.7 million in Series B funding.
The money will provide capital for the company to double the number of products under development for dogs and cats, double revenue and double the size of its management team, including 10 new hires in sales, marketing, business development and research and development.
The Series B funding round was led by investor Peter Werth and other financial investors such as a Pritzker family trust. Series A investors were also participants.
“We found Putney’s strategy and business plan to develop generic drugs for pets a compelling investment opportunity,” Werth said, chairman and president of Chemwerth Inc. “Putney’s excellent growth prospects are evidenced by its established customer alliances and nationwide reach in the veterinary channel.”
William Blair & Company, a global investment firm, acted as advisor to Putney on the Series B capital raise.