Israeli biopharma company Mileutis announced that it has secured $20 million in product financing from U.S.-based life sciences and healthcare investor NovaQuest Capital Management, which marks its first investment in an Israeli company and in the animal health industry.
According to Mileutis its novel, biologically sourced, and residue-free therapies help mitigate the use of antibiotics in animals, improving their general health and quality of bi-products. The company is in advanced stages of development in the U.S., EU, and Israel of an innovative product which addresses the main concern currently facing the dairy industry.
Bovine Mastitis is a serious medical disorder in dairy cattle, involving the mammary gland and udder tissue in dairy cows. The disease can impair milk-secreting tissues in the cattle and its impact on the global dairy industry is enormous. Dairy farmers experience losses due to lower milk production, lower quality of milk, and the loss of dairy cows from the disease, which impacts the global dairy industry with an annual financial burden, numbering in the tens of billions of dollars.
The R&D effort behind the company’s Imilac treatment is being led by Dr. Jose Iscovich, president, and co-founder of the company. David Javier Iscovich, the CEO and fellow co-founder stated that ”our vision goes beyond bringing Imilac to the dairy market. By replacing antibiotics in animals such as dairy cows with safer biopharmaceuticals, we will protect animals and save people from the health damages associated with the development of antibiotic resistance. Our platform, which acts by stimulating the immune system, will pave the way towards the development of additional therapies for both animal health and human health. The funding from NovaQuest is more than a vote of confidence in our company and products - it is a vote of confidence in our vision.’’
Usually cows are treated with antibiotics to combat this disease, however, just like in humans, antimicrobial resistance has led the industry to search for safer solutions. With bovine mastitis being one of the most common and cost affecting diseases in the milk dairy world, Mileutis notes that its Imilac treatment is the first in a series of patented products targeting the growing concern of antibiotic resistance and overuse of antibiotics in the industry.
“We are thrilled to continue empowering innovation in the life sciences by funding the development and commercialization of Mileutis’ technology,” said Jonathan Tunnicliffe, NovaQuest Chief Investment Officer. “We are excited to have Mileutis as our first partner in this space and we look forward to continuing to work with them to bring these exciting products to market.”
Brian Axe, NovaQuest Principal, said, “We believe Mileutis’ product line and technology platform represent a paradigm shift that is much needed in the industry that will not only improve animal and human health by enabling more sustainable milk production, but will also enhance the wellbeing of dairy cows.”