The company, based at the Center of Innovation at the University of Otago, developed Mastatest, a patented veterinary diagnostic that enables dairy farmers to reduce antibiotic use and optimize management of mastitis cases, improve milk quality and increase productivity.
Mastaplex closed a capital round with $700,000 in new equity, well above its $500,000 target. Support came from existing shareholders, as well as new shareholders for the company.
In a statement, CEO Dr. Olaf Bork said the money will be used to support continued growth in New Zealand and Australia, and the launch of Mastatetest in dairy markets, including the United Kingdom, the European Union and the United States, this year and next.
Mastaplex was founded in 2018 in Dunedin by Dr. Bork, based on an initial survey conducted at the University of Otago.
Mastitis, an inflammation of the udder, has been a costly financial burden for the dairy industry, both in New Zealand and worldwide, said Dr. Bork. It was mainly treated with antibiotics.
The use of Mastatest has been shown to reduce antibiotic use by an average of 24% in New Zealand conditions and farmers reported improved treatment effectiveness, milk quality and productivity.
“Mastatest has given dairy farmers and veterinarians critical, timely data and greater precision in diagnosing and treating the specific bacteria that cause mastitis.
“This allows farmers and veterinarians to eliminate the ‘guessing’ of the correct mastitis treatment and get cows back into production faster,” said Dr. Bork.
Last year, the company reached some important milestones close to home: more than 1000 dairies now used Mastatest and more than 70% of New Zealand veterinary clinics offered the product to their customers.
Sales doubled that year and there was strong momentum in the home markets of New Zealand and Australia, he said.
Mastaplex has also announced two board appointments, including new chairman Dr Ben Russell.
dr. Russell was previously CEO of animal health company Argenta and Rabobank New Zealand.
Financial advisor and investor Matt Comer has also been appointed to the board.
They joined Dr. Bork and Miraka chief executive Karl Gradon, who had led the company since CEO Colin Harvey’s death early this year.
dr. Paying tribute to Mr Harvey, Bork said he was instrumental in getting Mastaplex off the ground and that the company “owed him a great debt of gratitude” for his leadership and inspiration during its founding.