October 28, 2020
US firm to invest US$20 million into creating biologically sourced therapies for animal health
NovaQuest Capital Management - a North Carolina, US company that invests in life sciences and healthcare - has entered into a US$20 million product financing agreement with Israeli biopharmaceutical company Mileutis Ltd to help cut the use of antibiotics in animals.
NovaQuest's investment will fund the creation and commercialisation of Mileutis' biologically sourced therapies for animal health, the companies said this month.
This is NovaQuest's first investment in the animal health care field and in an Israeli company.
Mileutis is in advanced stages of developing a product to treat and prevent bovine mastitis, the most common disease in dairy herds, which can impair milk-secreting tissues.
The company estimated potential annual revenue for its product Imilac at above US$1 billion globally.
Mileutis is also developing natural proteins based on research conducted at Israel's Agricultural Research Organization and at the company.