October 20, 2020
Israeli startup gets US$20 million investment for mastitis treatment technology
NovaQuest Capital Management LLC, an investor in life sciences and healthcare, said on October 19 it has invested US$20 million in Israeli biopharmaceutical firm Mileutis Ltd. to develop a product that aims to cut antibiotic use in mastitis treatment, The Times of Israel reported.
NovaQuest's investment will further the development and commercialisation of Mileutis's biologically-sourced and residue-free therapies for animal health, the companies said in a statement. NovaQuest's investment is its first in the animal health field and in an Israeli company, it added.
Mileutis's bovine mastitis product is in "advanced stages of development". The disease is said to be the most frequent in dairy herds globally. According to the University of Glasgow, worldwide losses to the dairy industry caused by bovine mastitis are in the range of US$19.7 to 30 billion annually.
Antibiotics are currently the main treatment for mastitis and are typically administered annually; however, the development of antimicrobial resistance is driving the industry to look for alternative, safer treatments.
Mileutis's first patented product, Imilac, is an intramammary syringe that contains peptides and specific protein fragments that stimulate the immune system.
"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," says David Javier Iscovich, CEO and co-founder of Mileutis.
"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," says Brian Axe, NovaQuest principal.