DURHAM, NC, Developer of rapid, on-farm diagnostics to improve animal health and productivity, announced today that it closed a $6 million tranche of Series B.
Advanced Animal Diagnostics (AAD), a developer of rapid, on-farm diagnostics to improve animal health and productivity, announced today that it closed a $6 million tranche of Series B financing from Intersouth Partners, Novartis Venture Funds and private investors.
Funds will be used to launch AAD's Qscout automated on-farm lab system and Qscout MLD rapid on-farm test for mastitis in dairy cows. Proceeds will also develop new tests to detect disease-causing pathogens in hours instead of days required by current tests.
"I understand how frustrating and costly it is to wait for lab results," says Dr. Ben Shelton , owner of Rocky Creek Dairy, Rocky Creek Veterinary Service and AAD board member. "Producers need fast diagnostic information on the farm that's cost-effective enough to use widely, and that's what this funding will help ensure."
Each test on the market or in development at AAD will be processed by the Qscout automated reader, so producers will be able to run multiple tests on the same instrument.
The first test marketed by AAD is the Qscout MLD, a new, rapid on-farm milk leukocyte differential (MLD) for faster, more accurate detection of subclinical mastitis in individual quarters. The benefits of minimizing subclinical mastitis in the fresh cow have long been documented through increased milk yield and quality and improved reproduction. A recent study showed detecting subclinical mastitis with the Qscout MLD and treating only infected cows at dry-off also has benefits. Antibiotic use was cut by 47% without an increase in infection rates 10 days after calving when compared to more costly traditional blanket antibiotic treatment. According to AAD, funds will also be used to study use of the Qscout MLD test at other times during lactation.
For more information, call 1-855 Q2COUNT or visit www.advancedanimaldiagnostics.com
About Qscout MLD
AAD's milk leukocyte differential (MLD) test, to be marketed as Qscout MLD, identifies, differentiates and provides the ratio of the three predominant leukocytes (white blood cells) in the milk of each quarter to detect the presence of subclinical mastitis, before symptoms are even visible to the producer. Performing the MLD at critical time points during the lactation cycle, such as soon after calving and at dry-off, allows for informed intervention strategies and better animal health, milk quality and economic outcomes. For more information, please visit http://www.advancedanimaldiagnostics.com
About Advanced Animal Diagnostics
Advanced Animal Diagnostics (AAD) develops innovative on-farm diagnostics allowing livestock producers and animal health professionals to make informed interventions that improve animal health and ensure a safe, abundant, high quality supply of animal protein. The firm's first product is a rapid, on-farm diagnostic test for faster, more accurate detection of subclinical mastitis in dairy cows. For more information, please visit www.advancedanimaldiagnostics.com
About Intersouth Partners
Intersouth Partners is one of the most active and experienced early-stage venture funds in the country, having invested in almost 100 private companies over the last two decades. Founded in 1985, Intersouth Partners manages more than $780 million in seven venture capital limited partnerships, making it the largest venture capital fund in North Carolina and one of the largest in the Southeast. Based in Durham, North Carolina, Intersouth Partners seeks a broad range of seed and early-stage investment opportunities throughout the Southeast, focusing on the technology and life sciences sectors. For more information, please visit www.intersouth.com or follow the firm at @intersouth.
About the Novartis Venture Fund
Established in 1996, the Novartis Venture Fund currently manages over $800 million in committed capital and is invested globally in more than 60 private life sciences companies across therapeutics, vaccines, devices and diagnostics. As a financially driven corporate life science investor, the Novartis Venture Fund invests in those companies which have the potential to lead the next innovation wave in new areas that will be critical to patient care. The Novartis Venture Fund team of ten investment professionals located in Basel, Switzerland, and Cambridge, Massachusetts, brings together extensive expertise in drug development, medical devices and venture capital. www.venturefund.novartis.com
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