Headquartered in Portland, ME, Putney is a rapidly growing pet pharmaceutical company focused on developing high-quality, generic prescription medicines for pets.
Putney’s mission is to provide veterinary practices with FDA-approved veterinary generic medicines that meet pet medical needs and offer cost-effective alternatives for pet owners. Safeguard has deployed $14.9 million in Putney since September 2011 and has a 28% primary ownership position.
According to IMS Health, 88% of all human prescriptions in the U.S. are filled with a generic, yet very few generics exist for drugs prescribed for pets. Analysis of FDA Center for Veterinary Medicine approvals reveals that 91% of FDA-approved drugs for pets have no generic equivalent. The overall size of the pet pharmaceutical market is significant. Packaged Facts, in its April 2014 report entitled, “Pet Medications in the U.S.,” stated that U.S. retail sales of pet medications reached $8 billion in 2013 and projected that the market will grow to more than $10 billion in 2018, reflecting a compound annual growth rate of 5%.
During the third quarter of 2015, Putney received FDA approval for its Thiabendazole, Dexmethasone, Neomycin Sulfate Solution, the only generic of Tresaderm® for treating certain bacterial and inflammatory skin disorders in dogs and cats. Commercial distribution of Putney’s seventh new product approval in the past ten months is expected to begin when inventory levels are sufficient to meet anticipated high demand. Gary Eaton, formerly of Idexx, joined the company as vice president for sales and marketing. Putney’s product portfolio now totals 11 generic equivalents of companion animal veterinary drugs. New product launches and growth in the base business continue to drive revenue increases at Putney.
(Updated as of 09/30/15)