Putney snags $6.7M capital
Putney Inc., a pet pharmaceutical company in Portland, recently closed a round of investment funding that will allow the company to double revenue, its number of employees and its product line.
"The support of our customers and investors, and our anticipated FDA approvals, will propel Putney to be the leading generic and specialty pharmaceutical company serving companion animal veterinarians," said Jean Hoffman, founder and CEO of Putney, in a company release.
The $6.7 million Series B funding allows for 10 new hires to deepen the company's management team in sales, marketing, business development and research and development, as well as expanded product development of generic drugs for pets.
"We found Putney's strategy and business plan to develop generic drugs for pets a compelling investment opportunity," said Peter Werth, chairman and president of Chemwerth Inc., who led the Series B investment round. "Putney's excellent growth prospects are evidenced by its established customer alliances and nationwide reach in the veterinary channel."
Hoffman is a 2009 Mainebiz Woman to Watch, selected for her pioneering leadership in technology. Putney is on pace to reach $100 million in revenue before 2013, she told Mainebiz.
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