The backing of Auckland drugs company AFT Pharmaceuticals by an American investor should give it more credibility to break into the United States market.
AFT Pharmaceuticals develops and sells many over-the-counter drugs, mainly through pharmacies, but also directly to governments and into hospitals in New Zealand, Australia and parts of Asia.
It has received $US14 million in equity from Capital Royalty and Milford Asset Management in Houston.
Milford said it's a minor contributor through a couple of its growth funds.
Capital Royalty, which specialises in investing in biopharmaceutical products and medical technology, decided it liked AFT so much, it would invest some equity.
Milford Asset Management senior analyst Brooke Bone said AFT is a high-growth New Zealand company with a lot of export potential.
He said an aim of the capital-raising was to get a strong US-based investor on board.
