Israeli biopharmaceutical company Mileutis announced on Monday that it raised $20 million in a product financing agreement with NovaQuest Capital Management, a US investor in life sciences and healthcare companies.
Founded in 2004, the Ness Ziona-based Mileutis develops non-antibiotic biopharmaceuticals for animals and humans. This is NovaQuest’s first investment in an Israeli company and in the animal health care field.
Mileutis says it is in the advanced development stages in the US, EU, and Israel of a product that addresses bovine mastitis, a major concern in the dairy industry. Mastitis is a serious medical disorder in dairy cattle, involving the mammary gland and udder tissue in dairy cows and the disease can impair milk-secreting tissues.
Mileutis is developing Imilac for the use in the management, treatment, and prevention of bovine mastitis. The product is based on residue-free natural proteins and builds on early research conducted at Israel’s Agricultural Research Organization (Volcani Center). The company says the product is the first in a series of patented products targeting “the growing concern of antibiotic resistance and overuse of antibiotics in the global dairy industry.”
David Javier Iscovich, CEO and co-founder of Mileutis, said the company’s vision was to replace antibiotics in animals with safer biopharmaceuticals. In doing so, “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.”
“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.”