Mastaplex, a New Zealand company providing leading edge mastitis diagnostic tools (“Mastatest”) for dairy farmers has announced an over-subscribed capital round to support the continued development and international growth of the business.
Mastatest is a patented technology that allows farmers rapidly to pinpoint the bacterial strains causing mastitis, understand whether an antibiotic is necessary, and which antibiotic is likely to be most effective. Using Mastatest has been shown to reduce antibiotic use by 24% on average in New Zealand conditions(1), and farmers report improved treatment effectiveness, milk quality, and productivity.
Mastaplex closed the capital round with $700,000 of new equity, well over the target of $500,000. The capital raise had broad support from existing shareholders, and also introduced new shareholders to the company.
CEO and founder Dr Olaf Bork said the funds will be used to support continued growth in New Zealand and Australia, and the launch of Mastatest into further major international dairy markets including the UK, EU and US through 2022 and 2023. More announcements will follow in the coming months with regard to these launch plans.
“Mastatest has given dairy farmers and veterinarians critical, timely data and greater precision in diagnosing and treating the specific bacteria causing mastitis” Dr Bork said. This allows farmers and vets to eliminate “guessing” the right mastitis treatment and get cows back into production more quickly. More effective mastitis treatment and lower antibiotic use are proven outcomes from the partnerships that we are building between dairy farmers, veterinarians and Mastaplex.”
“2021 saw Mastaplex hit some major milestones, with over 1,000 dairy farms now using Mastatest and over 70% of New Zealand vet clinics now offering Mastatest to their clients. Mastaplex doubled sales in 2021 and we have strong momentum in our home markets of New Zealand and Australia, where we have two excellent distributor partners and great support from among the veterinary community”.
“We greatly appreciate the continued support of our shareholders in fuelling the company to take Mastatest to dairy farmers around the world” Dr Bork said.
Mastaplex has also announced two new appointments to its Board of Directors, effective from 1 June 2022. Dr Ben Russell, formerly Chief Executive Officer of animal health specialist Argenta and Rabobank New Zealand joins as Chair while experienced investment banking professional and financial consultant Matt Comer also joins the Board. The new directors join Dr Bork and Karl Gradon, CEO of Miraka, on the Mastaplex Board who have steered the company since the sad passing of director Colin Harvey at the beginning of 2022.
“Colin played an enormous role in getting Mastaplex off the ground and we are profoundly indebted to him for his leadership and inspiration during the foundation of the company” Dr Bork concluded.
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1. Bates A., et al. (2020) Preventive Veterinary Medicine 176, 104916