Piedmont Pharmaceuticals, a developer of dug delivery systems as well as study of parasites, has closed on $8.5 million in Series B venture capital funding.
CM Capital Investments of Australia led the round.
The funds will be used in part to advance an insecticide-free head lice treatment that is now in Phase III clinical trial. Used as a rinse, the product is approved for sale in the United Kingdom, Ireland and Canada.
Piedmont also helps to sell the treatment in Asia, Australia and Europe.
"We are very pleased to be working with an investment company of CM Capital’s geographical scope and expertise," said Roland Johnson, Piedmont’s chairman and chief executive officer.
"We believe this investment, the first major institutional backing for Piedmont Pharmaceuticals, sends a strong signal about our company’s progress and potential,” he added. “As we move our pediculicide compound through Phase III trials and continue developing the rest of our portfolio, we welcome the guidance and global connections that CM Capital can offer."
Piedmont also is developing a treatment for an inner ear ailment known as otitis media as well as a chewable drug delivery platform.
"With its talented and proven team of industry veterans, Piedmont Pharmaceuticals has an excellent opportunity to succeed in both the human and animal health markets in the U.S. and beyond." said Andy Jane, partner at CM Capital Investments.