KANSAS CITY, Kan., Dec. 7, 2011 /PRNewswire/ -- Aratana Therapeutics, an animal health company developing innovative medicines for companion animals, announced today the closing of a $15 million Series B financing, bringing the total capital raised since Aratana was launched earlier this year to $31 million.
In addition to Aratana's Series A investors – MPM Capital, Avalon Ventures and Cultivian Ventures – new investors include the Ewing Marion Kauffman Foundation and others.
The proceeds from the Series B financing will be used to expand the rich pipeline of innovative products that the company has already acquired. The additional resources allow for a more aggressive approach to in-license and develop novel medicines for dogs and cats.
"We are extremely pleased that the investment community has responded so positively to our unique approach to veterinary drug development and our focus on delivering innovative, leading-edge products to meet previously unmet or under-served needs in companion animal medicine," said Dr. Linda Rhodes, CEO of Aratana Therapeutics. "It is an endorsement of our strategy of identifying and developing compounds from human pharmaceutical and biotech companies and bringing approved products to the animal health market via out-licensing or partnering with major animal health companies."
Dr. Steven St. Peter, Aratana board chairman and managing director at MPM Capital, explained, "Everything about Aratana is innovative, from how we envisioned and started the company to our approach to drug development and how we involve new investors. Our investors share our vision and enthusiasm, and their support, along with the commitment of Aratana's board of directors, senior leadership and staff, are making our vision a reality."
About Aratana Therapeutics
Aratana Therapeutics is an animal health drug development company uniquely positioned to deliver high quality new medicines for unmet needs in animal health. Aratana licenses and develops proprietary, patent-protected compounds acquired from human pharmaceutical and biotechnology companies and then out-licenses to or partners with major animal health companies for commercialization. For more information, please visit www.aratanatherapeutics.com.
CONTACT: David K. Rosen, DVM
President and COO
Aratana Therapeutics, Inc.
SOURCE Aratana Therapeutics