CED member and two-time Life Science Conference presenting company Advanced Animal Diagnostics secures a $6M Series B round from fellow CED member Intersouth Partners, Novartis Venture Funds and private investors.
DURHAM, NC, April 10, 2013 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/Qscout.
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/Qscout/.
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
Reference Number: AAD-2013-PR-003-01
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