Animal magic as Cambridge pet therapeutics startup eyes $14bn market
A Cambridge pet therapeutics business targeting a $14 billion market opportunity has raised £8 million Series A funding from co-investors Parkwalk Advisors and Digitalis Ventures.
PetMedix is applying 30 years of antibody research and the scientific work of two of its founders, Professor Allan Bradley and Dr Jolyon Martin, to develop new pet therapeutics against a wide range of diseases.
Led by founder and CEO, Dr Tom Weaver, PetMedix has raised the capital to grow operations and the team, and begin drug discovery.
Weaver is ex-CEO of Congenica and Bradley the emeritus director of the Wellcome Trust Sanger Institute and one of the brains behind antibodies powerhouse Kymab.
Antibody therapeutics have been transformative in human medicine, treating a wide range of diseases including cancers, autoimmune diseases and inflammatory conditions.
The companion animal therapeutics market represents a massive global opportunity and one that is already embracing the promise of veterinary biologics.
There are currently only a few veterinary biologic products on the market but regulators, purchasing groups, insurers, veterinarians, and owners have all been highly receptive to them and demand continues to grow.
PetMedix intends to realise this potential for veterinary medicine and give veterinarians, owners – and pets – the therapies they need to treat the conditions causing the most harm.
PetMedix is built from the same world-leading transgenic technology that underpins the most successful and advanced human antibody platforms available today.
Moray Wright of Parkwalk Advisors says: “Parkwalk are excited to be involved in bringing these innovative therapies to market and thrilled to work with the talented team that has been assembled at PetMedix.”
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