Date: Dec 08, 2014 Source: Yahoo Finance (
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DURHAM, N.C., Dec. 8, 2014 /PRNewswire/ -- Advanced Animal Diagnostics (AAD) announced today 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®) (LH), 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.
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AAD develops on-farm diagnostic technologies that change the way livestock producers manage animal health and costly diseases. The company launched its first commercial products, QScout MLD test and QScout Farm Lab, in 2013 to detect subclinical mastitis in dairy cows. Large-scale trials on commercial dairies demonstrated that the technology significantly improves 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."
AAD customer John Freund of Son-Bow Farms in Wisconsin said QScout MLD is a significant improvement over conventional tests. "QScout MLD gives us a better, consistent approach for diagnosing subclinical mastitis, and it is more efficient for our labor flow compared to on-farm culture tests. The test's objective results create a tremendous opportunity to address an issue, improve the quality of milk going into the tank, and provide a better 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.
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About Advanced Animal Diagnostics
Advanced Animal Diagnostics (AAD), Durham, N.C., provides livestock producers with diagnostics that improve profitability and empower more precise care of animals so they live healthier, more productive lives. AAD is committed to researching, developing and commercializing the industry's most reliable, on-farm diagnostic tests, such as QScout MLD for early detection of subclinical mastitis in dairy cows. With its diagnostic offerings, the company aims to empower real-time management decisions that increase productivity, prevent losses, improve animal welfare and protect the food supply. For more information, visit www.QScoutLab.com or call 1-855 Q2COUNT.
