Aratana Therapeutics is the recipient of KBA Investment
OLATHE, Kan. (February 6, 2013) – Aratana Therapeutics is the recipient of a $324,148 investment by the Kansas Bioscience Authority. Previously code-named “Project Gray,” the funding was unanimously approved by the Board of Directors on January 22, 2013. Aratana requested that the details of this investment be kept confidential until the fundraising round closed.
Aratana Therapeutics is an animal health drug development company that delivers high-quality, new medicines for unmet needs in animal health. Established in December 2010 in Kansas City, Kan., the company licenses and develops proprietary, patent-protected compounds acquired from human pharmaceutical and biotechnology companies.
The KBA funds will be invested in their Series C Preferred Stock to maintain the Authority’s ownership stake.
“This Series C offering gives the KBA the opportunity to provide important follow-on capital to one of the most successful equity investments in our portfolio,” said Duane Cantrell, KBA President and CEO. “The initial investment in Aratana Therapeutics three years ago was successful in yielding $30 million in new equity investment in the state, which led to new jobs, increased research spending and the attraction of new animal health companies to Kansas.”