Piedmont Pharmaceuticals of Greensboro has secured $8.5 million in Series B financing from CM Capital Investments of Brisbane, Australia, and other accredited investors.
The company is developing medications to kill parasites. Officials will use the money to advance an insecticide-free head lice treatment, among other candidates in its product pipeline. The medication, undergoing Phase III testing in the United States, is available in the United Kingdom and Canada.
Piedmont Pharmaceuticals seeks to also distribute the product to Europe, Asia and Australia.