Puppies and kittens should be concerned. They now have competition. After a decade of study, researchers have named a new species -- and it looks like a cross between a house cat and teddy bear. It's called the olinguito.

The large-eyed, woolly-furred creature is the first carnivorous species to be discovered in over 35 years on the American continent, according to the Smithsonian. Publication of the finding appears in the Aug. 15 issue of the journal Zookeys.

"It really is a beautiful critter," said Kristofer Helgen, curator of mammals at the Smithsonian's National Museum of Natural History and leader of the team reporting the finding. "The discovery of the olinguito shows us that the world is not yet completely explored, its most basic secrets not yet revealed."

The olinguito, or Bassaricyon neblina, is a member of the raccoon family. The creature's scientific name, "neblina," is Spanish for fog and reflects its habitat in the cloud forests of Colombia and Ecuador.

Even though the finding may be new for scientists, the olinguito has been around humans before, although under a mistaken identity. At least one misidentified olinguito specimen was exhibited in zoos in the U.S. during the 1960s and 1970s.