Jaguar Animal Health has held an initial USD2m closing of its series A round of financing, funded by China-based private equity investor BioVeda China Fund (BVCF).
BVCF is to invest another USD3m by the end of February 2014.
Jaguar was founded with seed funding and resources from Napo Pharmaceuticals and existing Napo investors.
Jaguar is focused on the development and commercialisation of health solutions for the global veterinary marketplace from plants used traditionally in rain forest areas. Jaguar's products will target companion animals, high valued racing animals, and food and farm animals with both prescription pharmaceuticals and nutraceuticals.
Jaguar has an exclusive worldwide license from Napo for all animal rights to products developed from Croton lechleri, in addition to Napo's medicinal plant library and NP-500, a drug candidate to potentially treat insulin resistant syndrome and Type II diabetes. Jaguar will also, pursuant to the license agreement, receive certain manufacturing equipment and an inventory of products derived from Croton lechleri. Napo is a major shareholder of Jaguar.
The proceeds of the series A financing will be used for operations including studies of SP-303, a pharmaceutical compound isolated and purified from Croton lechleri, and SB-300, a standardized botanical extract/nutraceutical product derived from Croton lechleri. Funds will also be used to complete market studies, hiring of personnel, establishing manufacturing capabilities, and regulatory activities.
Dr. Zhi Yang, and founder and managing director of BVCF, says, "We are very pleased to be making our first investment in animal health for the world markets. This is a focus for us and we plan to expand our portfolio of investments in companies involved in animal health and food security."