Australia's Nexvet, a developer of therapeutics for pets, has raised $US31.5 million ($A33.72 million) from US-based institutional investors and existing shareholders to advance its clinical programs for companion animal health.
Nexvet, which is not listed on the Australian Securities Exchange, specialises in converting drugs used to treat humans into drugs catering for dogs, cats and horses.
The animal pharmaceutical market is estimated to be worth $US25 billion a year and is expected to reach $US28 billion by 2017.
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