Israeli animal health company Mileutis Ltd. has received a $20 million investment from US life sciences and healthcare investor NovaQuest Capital Management LLC, as part of a product financing agreement.
Ness Ziona-based Mileutis is a biopharmaceutical company developing a product to help mitigate the use of antibiotics in animals and NovaQuest’s investment will support the continued development and commercialization of Mileutis’ novel, biologically sourced, and residue-free therapies for animal health. NovaQuest’s investment is its first ever in the animal health care field and in an Israeli company.
Mileutis is in advanced stages of development in the US, EU, and Israel of an innovative product which addresses bovine mastitis, the main concern in the dairy industry.
Mileutis plans to introduce Imilac, for use in the management, treatment, and prevention of bovine mastitis at dry-off, with estimated potential annual revenue of above $1 billion globally. Mastitis is the most frequent disease in dairy herds worldwide, and the most costly. The novel residue-free peptide developed by Mileutis 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.
Mileutis is developing residue-free natural proteins based on early research conducted at Israel’s Agricultural Research Organization (Volcani Center), and at Mileutis. The company is developing a line of patented biopharmaceuticals that it believes will revolutionize the way veterinarians manage mastitis and treat a wide range of diseases. Mileutis’ claims are supported by statistically significant results in a number of case-controlled, randomized, multi-center clinical trials.
The first line of products is comprised of peptides and specific protein fragments that have a positive impact on conditions that influence health and reduce antibiotic use in animal health management. The R&D effort is being led by Dr. Jose Iscovich, president, and co-founder of the company.
The European Medicines Agency (EMA) recently issued a positive opinion on the safety of Mileutis’ leading product and platform. EMA recognized that Mileutis’ product, which consists of casein hydrolysate, does not require a Maximum Residue Limit (MRL) evaluation. This is viewed as an important milestone on the path to replacing the use of antibiotics in the dairy industry.
Mileutis cofounder and CEO David Javier Iscovich said, "Our vision goes beyond bringing Imilac to the dairy market. 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. 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. The funding from NovaQuest is more than a vote of confidence in our company and products - it is a vote of confidence in our vision.’’
Mileutis was represented by Adv. Gary Copelovitz, Head of the International Department at Lipa Meir & Co., and Rivkin Radler.
Published by Globes, Israel business news - en.globes.co.il - on October 19, 2020
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