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Invetx, a leading innovative veterinary therapeutics company, raised $15 million in Series A round of financing, and also announced collaborations with WuXi Biologics and AbCellera
FREMONT, CA: Invetx, a leading innovative veterinary therapeutics company, raised $15 million in Series A round of financing, and also announced collaborations with WuXi Biologics and AbCellera. Anterra Capital, Invetx's founding investor, led this recent investment round. As a result of this financing, the leading global biologics CDMO WuXi Biologics joins Invetx as a research collaborator and an investor.
"Invetx was created to translate the biotechnology revolution that has transformed human medicine to the world of animal health. We have built a foundational network of first-in-class global partners to deliver that translation and develop a sustainable platform for veterinary biopharmaceutical innovation," said Juergen Horn, Ph.D., chief executive officer of Invetx. "This financing will support rapid growth on multiple fronts, including bringing our first pet antibody therapeutic into clinical studies in 2020, expansion of our team, and substantial preclinical development across our pipeline."
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The market for animal health medicines and vaccines worldwide was estimated to be $34 billion in 2019. The market's annual growth is over six percent and is driven by increasing pet ownership. People are spending more on pets, and the demand for animal food products has also risen up. The veterinary drug market has witnessed a comparatively low innovation in recent decades. Human drug development is dominated by biopharmaceuticals because of their enduring effects and ability to accurately address the molecular causes of disease. The only recombinant protein drug available for veterinary use in the U.S. or EU is – an antibody.
"Animal health is at a tipping point, with a global market demanding new therapeutics but lacking innovators who can successfully drive an industry-wide transition to new technology platforms," said Philip Austin, managing partner at Anterra Capital. "We believe Invetx's focus on taking the best of human biopharma to animal health will be the path to effective long-term leadership in this emerging field."
Invetx is joining hands with contract manufacturing leader WuXi Biologics to boost its global development expertise and manufacturing potentials. Invetx has also initiated animal health collaboration with Vancouver-based AbCellera, which will use its platform for the discovery of antibody to accelerate Invetx's preclinical activities.
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