AAD Closes $15 Million in Oversubscribed Series C Funding
Advanced Animal Diagnostics (AAD) has announced the close of a $15 million Series C round of equity financing. The financing was co-led by the Kansas Bioscience Authority and Cultivian Sandbox and included Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH), Middleland Capital, and existing investors Intersouth Partners, Novartis Venture Funds and private individuals. The investment will allow AAD to accelerate the commercialization of its current product offering, QScout® MLD (milk leukocyte differential) test, while also expanding the company’s product line. AAD plans to conduct product development research with the Kansas State Veterinary Diagnostics Lab in Manhattan, KS, is working with a Lenexa manufacturer to make components of the Qscout Lab, and plans to establish a sales office in Western Kansas to support its current dairy product and future feedlot products.