Olathe, Kansas (Nov 26, 2014) - As part of its ongoing growth and continued expansion; SmartVet announces the recent successful closure of a US $5 million private placement investment round. The funds will be used for ongoing research and development in order to commercialize and bring to market additional products in the SmartVet product pipeline.
VetGun delivery platform
In February 2014, SmartVet, in partnership with AgriLabs Ltd. launched the VetGun™ Delivery System, an innovative new way to treat cattle parasites in the pasture, without needing to handle them.
"The response to the national launch was overwhelming," said Randall Tosh, the firm's Vice President of Business Development. "The company was established by producers and exists for producers. We recently surveyed 500 cattle producers and 94% said they were satisfied with the product and would recommend it to others. They're eager for us to bring new products to market.
SmartVet is currently in discussions with the US Food and Drug Administration and the US Environmental Protection Agency concerning additions to the company's product portfolio. Mr Tosh said the firm is currently working on three new parasiticide products, inspired by the suggestions of producers.
Dr Shane Brookshire, President of North and Latin American operations, adds: "We're focused on thinking more broadly than standard products and delivery techniques," he said. "This is a disruptive technology that meets a need and has a huge economic significance. We are absolutely more than just the VetGun."
Looking to the future
Dr. Brookshire said the firm has a strong core management team in place, giving SmartVet a stage for growth. In the near term, SmartVet will focus on building its presence in the market for ectoparasiticide drug delivery in the US. The next stage of the company's development will be to begin breaking into the endoparasiticide delivery sector. Then, further in the future, SmartVet hopes to begin investigating other transdermal molecules.
VetGun and VetCaps are distributed by AgriLabs. Call 1-800 542 8916 or visit www.agrilabs.com
SmartVet +1 913 307 7376