SiSaf, a Northern Ireland-based drug delivery company, has announced it plans to enter into the veterinary and animal health sector.
To that end, the company recently appointed Michael Welsh as chief scientific officer and Simon Doherty as director of operations and business development to focus their efforts on the animal science sector.
"We have largely focused our research and development program on human applications, particularly in the delivery of beneficial compounds to the skin," Suzanne Saffie-Siebert, chief executive, told Insider Media Limited. "However, we recognize the scope for our technology within the animal health sector and are excited about broadening our R&D portfolio to explore the veterinary market."
Saffie-Siebert also said the company, which moved to Northern Ireland in 2008, is planning a round of private equity funding for early next year.
In the past few years, there has been a rush by human-based drug companies to enter into the animal health arena. While the animal health market--estimated to be $22 billion a year and growing--is much smaller than the human drug industry, there is also a much lower cost of entry, allowing drugs and related delivery systems to be developed and brought to market faster, cheaper and with higher margins than those enjoyed by Big Pharma.