Safeguard Scientifics Inc., a holding company that builds value in growth-stage life sciences and technology companies, has provided $10 million of $21 million in new financing for Putney, a Portland, Maine, specialty pharmaceutical company focused on generic medications for pets.
“Putney has a strong management team, a sizeable addressable market, a solid business model to drive value, momentum, and moat, meaning a defensible position and barriers to entry—all 5M’s of Safeguard’s go-to-market strategy,” said said Peter J. Boni, President and CEO of Safeguard Scientifics. “Putney’s pipeline of products offers a unique solution for the unmet need in the care of companion animals today.”
Additional capital was provided by NewSpring Health Capital, of Radnor, Pa., and existing investors. In all, the new capital will be used for product development and to enhance sales and marketing capabilities and additional operational and working capital needs.
“This financing round provides Putney with the capital we need to hire additional management talent, ramp up our product acquisition and licensing program, and transform Putney into a stronger R&D and commercial organization,” said Jean Hoffman, Founder, President and CEO of Putney.
For more information about Putney go to www.putneyvet.com.