Piedmont Pharmaceuticals Secures $8.5 Million Investment
GREENSBORO, N.C., Nov. 12 -- Piedmont Pharmaceuticals LLC, a specialty pharmaceutical company focused on parasitology and drug delivery systems for human and companion animal use, has secured $8.5 million in Series B financing from CM Capital Investments of Brisbane, Australia, and other accredited investors.
This funding will help advance development of Piedmont Pharmaceuticals' pipeline, particularly the U.S. Phase III clinical trials of its unique patented, insecticide-free head lice treatment. Through licensees abroad, this pediculicide rinse is already approved and is the market leader in the United Kingdom and Ireland (under the name Full Marks Solution(R)) and gaining market share in Canada (as RESULTZ(R)). While no timetable has been set, Piedmont Pharmaceuticals anticipates expanding distribution of the product through licensees in the European, Asian and Australasian markets.
"We are very pleased to be working with an investment company of CM Capital's geographical scope and expertise," said Roland Johnson, CEO and Chairman of the Board for Piedmont Pharmaceuticals. "We believe this investment, the first major institutional backing for Piedmont Pharmaceuticals, sends a strong signal about our company's progress and potential. As we move our pediculicide compound through Phase III trials and continue developing the rest of our portfolio, we welcome the guidance and global connections that CM Capital can offer."
"CM Capital invests in companies that can achieve market leadership positions in their respective market sectors," said Andy Jane, partner at CM Capital Investments.  "With its talented and proven team of industry veterans, Piedmont Pharmaceuticals has an excellent opportunity to succeed in both the human and animal health markets in the U.S. and beyond."
Members of Piedmont Pharmaceuticals' team have worked together in the health care industry for more than 20 years, bringing more than 11 products to market. In addition to the pediculicide rinse, Piedmont Pharmaceuticals' pipeline includes a topical treatment for otitis media in humans and a chewable drug delivery platform for companion animals, both in preclinical stages.
About Piedmont Pharmaceuticals:
Piedmont Pharmaceuticals LLC is a Greensboro, N.C. - based specialty pharmaceutical company focused on human and animal health therapeutics in such select areas as parasitology and the treatment of infection. 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 human and companion animal 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. They have over $270m under management and are one of Australia's leading early stage VC fund managers. Their investor base consists of some of Australia's leading superannuation 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.
Note:Â Full Marks Solution(R) is a registered trademark of SSL International PLC, a licensee of Piedmont Pharmaceuticals.