AAD raises $7M for point-of-care One Health diagnostics
Funding expands rapid, rugged POC platform in livestock, humans
MORRISVILLE, N.C., May 11, 2021 /PRNewswire/ -- AAD, developer of rapid diagnostic and data systems, today announced a $7M investment to grow the company's platform for fast, point-of-care decisions in animal and human health, supporting One Health objectives to protect human, animal and environmental health. Funds will support commercial expansion of livestock tests and 510(k) submission to the U.S. Food & Drug Administration (FDA) for human blood tests. Mountain Group Partners (MGP) led the round, which included new investors Alexandria Venture Investments and Herbert Group Ltd. as well as Intersouth Partners, Murphy Family Ventures, Labcorp and others.
Roughly 75% of all new and emerging human infectious diseases are zoonotic like COVID-19, meaning they can jump from animals to people. To battle COVID-19 and future pandemics, leaders from the Group of Seven (G7) in a February statement called for "affordable and equitable access to diagnostics" as well as strengthening the One Health approach that unites medical, veterinary and environmental disciplines in a collaborative effort.
"COVID-19 fueled global recognition of the need for One Health solutions and fast, easy to use point-of-care diagnostics like what AAD developed to improve livestock production and soon human health," said MGP partner Dr. Rob Readnour. "Their fast, rugged test systems provide point-of-care answers to drive rapid decisions in ways previously not possible."
The company has developed rapid tests that run on a portable reader and feed a connected data system. Animal-side tests include QScout® BLD's 32-second results to guide antibiotic use and predict mortality and QScout® MLD's 45-second results per gland to detect early signs of the most economically important disease in dairy cows, mastitis. AAD has also developed and completed a pre-submission filing with the FDA for QScout® RLD, a human blood test with application in COVID-19 and beyond.
"Our 'born-in-a-barn' diagnostics are just what human health needs today," said Joy Parr Drach, CEO of AAD. "Fast, accurate, rugged, cost-effective and simple tests anyone can use with minimal training. That's how we've made a difference for our livestock customers, and now this funding will help us bring the same advances to human health while expanding the reach of our livestock testing. We're uniquely positioned in animal and human testing to fight the rising threat of infectious disease."
AAD tests steward animal health, welfare and antibiotic use while maximizing protein production and supporting United Nations Sustainable Development Goals 3 (Good Health and Well-being), 2 (Zero Hunger) and 12 (Responsible Consumption and Production). AAD has earned recognition for its work as a global finalist in the 2020 Extreme Tech Challenge (XTC), the world's largest startup competition focused on recognizing innovators using technology to address the greatest global challenges, as a multi-time THRIVE Top 50 Growth-Stage honoree and winner of the Animal Health Investment Forum.
About AAD
AAD (Advanced Animal Diagnostics) provides rapid point-of-care diagnostic and data systems for fast animal and human health decisions. The company's QScout line of rapid diagnostic tests empowers more precise care of animals and humans so they live healthier, more productive lives. Its diagnostic offerings inform real-time decisions that increase productivity, prevent losses, protect the food supply, and improve human and animal health and well-being. For more information, visit www.QScoutLab.com, www.QScoutRLD.com or call 1-855 Q2COUNT.
QScout® is a registered trademark of AAD.
Contact:
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SOURCE Advanced Animal Diagnostics
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