Nexvet picks up a $1.5m CA grant
Nexvet Biopharma has secured a $1.5 million Commercialisation Australia (CA) grant to support the commercial development of its PETisation technology platform.
CA awarded the grant through its Early Stage Commercialisation program, which awards funding to assist with development, market validation, industry standard compliance and other early-stage activities. Recipients must match the grant and complete their program within two years.
The latest grant brings the total sum Nexvet has secured via CA to $1.82 million, following the award of funding under two of the agency’s grant programs in February.
“Having already received a grant earlier this year ... we are delighted to have received further funding after what was an incredibly competitive process,” Nexvet CEO Dr Mark Heffernan said.
The PETisation platform involves modifying human monoclonal antibody drugs into versions tailored for companion animals including dogs, cats and horses.
Nexvet last year raised $2.5 million through a seed financing round led by the Trans Tasman Commercialisation Fund (TTCF). The funding round concluded a month after the company signed its first commercial licensing deal for an animal health product.
Animal health is a fast-growing segment of the biopharmaceutical industry. The global market is worth around US$22 billion ($24.4 billion) today, according to estimates from animal health company Zoetis. Research firm GIA meanwhile projects that the animal health market will climb to US$42.9 billion by 2018.
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