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Piedmont Pharmaceuticals Secures $8.5 Million Investment
GREENSBORO, N.C., Nov. 12 /PRNewswire/ -- 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: Full Marks Solution(R) is a registered trademark of SSL
International PLC, a licensee of Piedmont Pharmaceuticals.
SOURCE Piedmont Pharmaceuticals LLC
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