Advanced Animal Diagnostics (AAD) announced on Dec. 8 the close of a $15 million Series C round of equity financing. The financing was co-led by Cultivian Sandbox and Kansas Bioscience Authority and included Laboratory Corporation of America Holdings (LabCorp), Middleland Capital and existing investors Intersouth Partners, Novartis Venture Funds and private individuals.
The investment will allow AAD to accelerate the commercialization of its current product offering, QScout MLD (milk leukocyte differential) test, while also expanding the company’s product line.
The company develops on-farm diagnostic technologies. The company launched its first commercial products, QScout MLD test and QScout Farm Lab, in 2013 to detect subclinical mastitis in dairy cows. The company claimed that large-scale trials on commercial dairies demonstrated that the technology improved producers’ financial returns by preventing milk and reproductive losses, safeguarding animal health through earlier detection and promoting more judicious use of antibiotics.
“Investors and our growing number of customers see value in rapid, on-farm diagnostic information that hasn’t existed before,” said Joy Parr Drach, AAD president and CEO. “This new information allows producers to make more accurate management decisions to improve animal health and their bottom line while ensuring they use antibiotics only when needed to provide the best quality product for consumers.”
The company expects to advance the development of additional livestock tests for dairy and beef markets, invest in production and manufacturing, and expand commercial efforts for new and existing customers with this financing. PD
—From Advanced Animal Diagnostics news release
