Piedmont Pharma Raises $5 Million
Piedmont Pharmaceuticals LLC, a specialty pharmaceuticals company focused on parasitology and drug delivery systems for companion animal and human use, has successfully raised $5 million in equity financing led by CM Capital Investments of Brisbane, Australia.
This funding-CM Capital's second investment in the company-recognizes Piedmont Pharmaceuticals' strong animal health product pipeline and success in marketing its unique and patented human head lice treatment without traditional pesticides. Piedmont's innovative solution to the global problem of head lice is an established market leader in the United Kingdom and Ireland under the name FULL MARKS SOLUTION®, and Canada as RESULTZ®. It has recently launched in Israel, Spain, Central and Eastern Europe, and is set to be introduced this year in several new large international markets. The equity funding will augment product revenue to allow Piedmont to focus on developing its companion animal health pipeline, with the goal of bringing to market new medicines in every major therapeutic area, based around innovative delivery platform technologies. Pharmaceutical revenue from pet owners for the prevention and treatment of illnesses such as joint pain, infections, and parasites, for example flea, tick and heartworm, is over $3billion in the US alone and represents one of the fastest growing areas of consumer healthcare spending.
"CM Capital's continued confidence in Piedmont Pharmaceuticals is especially positive during this time of economic turmoil," said Roland Johnson, CEO and Chairman of the Board. "Their trust in our ability to grow the market for our head lice treatment and our development pipeline of novel animal health products sends a strong signal that we are on the right track in our drive to create new products which improve the lives of families and their pets."
Andy Jane, CM Capital Partner and member of the Piedmont Board of Directors said
"We are very happy to have participated in this successful fund raising alongside new and existing investors. Our continued participation is a reflection of our belief in the quality of Piedmont's management and the company's inherent ability to innovate commercially exciting products".
Reaction to the new funding has been positive as well from N.C. business development and biotechnology communities. "Piedmont Pharmaceuticals' success in raising venture capital and angel capital in today's stressed environment is a tribute to the company and CM Capital," said Horace Stimson, an investor and founder of the Piedmont Angel Network, a member-managed angel venture investing capital fund. "PAN and other investors continue to support and benefit
from a great management team as the company successfully navigates today's troubled economic waters."
"This match-up of Piedmont and CM is an example of the global reach enjoyed by North
Carolina's top-quality bioscience companies," said John Richert, vice president of the North Carolina Biotechnology Center's business and technology development program. "The Biotechnology Center showed its support for Piedmont with a low-interest loan five years ago to help make this kind of thing possible. This reinforces our belief that even as venture capital belts continue to tighten, opportunities to move forward can still be created."
"We are pleased to see that innovative ideas and strong products continue to be funded,
even in a challenging economy for biotechnology companies. The management team at
Piedmont Pharmaceuticals is composed of experienced entrepreneurs who have endured
in good times and bad, and we are delighted for their success," said Joan Siefert Rose,
president, Council for Entrepreneurial Development (CED) in Research Triangle Park,
N.C.
Members of Piedmont Pharmaceuticals' team have worked together in the health care industry for more than 25 years, bringing more than 22 products to market. The company expects to begin launching products from its animal health pipeline from 2011 onwards.
About Piedmont Pharmaceuticals:
Piedmont Pharmaceuticals LLC is a Greensboro, N.C.-based specialty pharmaceutical company focused on animal health and human therapeutics with expertise in parasitology and drug delivery systems. The company's currently commercialized products and advanced development program leverage unique modes of action and proprietary delivery technologies. Piedmont Pharmaceuticals develops new formulations, uses and delivery vehicles for known active pharmaceutical compounds for both the companion animal and human health markets.
About CM Capital Investments:
CM Capital is headquartered in Brisbane, Australia and is one of the pioneers of the Australian venture capital industry. CM has over A$270m under management and is one of Australia's leading early stage VC fund managers. Its investor base consists of some of Australia's leading pension funds and financial institutions. CM Capital is staffed by industry professionals with strong operational expertise and focuses its investments in the areas of life sciences, biotechnology and telecommunications/IT.