Ann Arbor startup raises funding for animal-specific drug development
Zomedica Pharmaceuticals Corp., an Ann Arbor startup that is developing drugs for cats, dogs and horses, announced last week that it has finished raising the first segment of a private offering of $15 million Canadian, or the equivalent of about $11.7 million U.S.
The company said it has sold more than 3.3 million shares of common stock at $1.50 Canadian for total proceeds of just over $5 million Canadian, or about $4 million U.S.
The company, whose drug development is still in the early stages, is part of a growing array of startups seeking to develop drugs tailored to specific animals, rather than repurposing human drugs.
Company President and CEO Gerald Solensky Jr. toldCrain'sFriday that he expects to finish the offering in the next month or so.
"We're targeting both new and existing investors, and we'll finish fundraising very quickly," he said. "This financing strongly positions Zomedica to hit the key milestones that we have communicated to the public markets."