The money will be used to pursue Federal Drug Administration approval of the company’s VDC-1101 agent in treating canine lymphoma.
VDC-1101, the company said, has demonstrated substantial anti-tumor activity, and is anticipated to be one of the first FDA-approved drugs for the treatment of canine lymphoma.
“This financing is a clear validation of the VetDC business concept and reinforces our belief that VDC-1101 represents a promising new treatment for canine lymphoma,” Steven Roy, VetDC’s president and CEO, said in a statement. “VetDC is rapidly establishing itself as a leader in developing novel treatments for companion animals.”
The company works with pet owners and veterinarians at the CSU Veterinary Teaching Hospital and Animal Cancer Center to develop promising new veterinary therapies adopted from medicines that originally were developed for humans.
The $1.5 million investment was made by a small group of private angel investors, predominantly in the Colorado area, the company said. It declined to disclose the terms of the investment, other than to say it was for preferred stock.