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InsituGen is a biotech company focused on the detection of steroid hormones in companion animal health.
Changes to steroid hormone levels in companion animals can point to larger problems. Steroid hormones are integral to health and well-being, and play key physiological roles in the normal functioning of each body system.
Current methods to monitor the steroid sex hormone profile of companion animals require veterinarians to send blood samples to offsite laboratories for analysis using expensive immunoassay or mass spectrometry-based techniques. The time for analysis can result in 2-3 weeks before hormone profiles can inform a veterinarian’s treatment decisions.
In response, InsituGen has developed novel bioassay technology to detect steroid hormones in companion animals. The test detects androgens and estrogens through a biological response, without requiring knowledge of the hormones chemical structure. The test will report back in 1-2 hours, and can be performed in the veterinarian’s office with a low skill requirement, resulting in same-day treatment decisions, on-selling of supplements and other services, and the ability for the veterinarian to directly pass costs on to the pet parent.
In developing the bioassay technology, additional applications in anti-doping and product testing were identified that have led to early revenue and future partnerships.
InsituGen are currently producing and selling an androgen bioassay test kit - firstFlagX - to analytical racing laboratories, a revenue-generating beachhead market that establishes proof-of-concept. firstFlagX has the potential to rapidly improve anti-doping screening in the racing industry.
InsituGen are currently testing sports supplements, health supplements, and hygiene products, for a range of manufacturers interested in supplying products clean of unknown or unwanted androgenicity.
InsituGen is an attractive investment for three primary reasons:
Commercial traction: InsituGen has secured a global exclusive distribution agreement with Berlinger Special AG – a Swiss company (established 1865) and a global leader in the anti-doping industry, for the sale and distribution of firstFlagX in the anti-doping market. Their products are sold in over 175 countries.
The controlled launch of NeuterNow in New Zealand has begun with targeted direct approaches to key opinion leaders and veterinary clinics. Dogs being considered for neutering have had samples tested at InsituGen’s in-house service laboratory, providing valuable data for veterinarians that has been well received by their clients.
Proprietary and differentiated product: Current methods of steroid sex hormone detection are spectrometry based and can only detect molecular structures that have been pre-set in their libraries. Underground chemists can produce hundreds of new 'designer' androgenic steroid molecules every year that go undetected. Estrogen-mimicking EACs leach into the environment from a large range of sources and are entirely un-defined. The company’s Founder and Chief Scientific Officer, Professor Alison Heather, has developed a multi-patented (pending) screening method that measures the effect caused by all steroids with androgenic or estrogenic activity. This test can detect a companion animal’s androgen and estrogen profiles, new designer androgens, or unknown EACs based on biological activity rather than chemical structure.
Syndicate of value-add investors: A consortium of New Zealand institutional, early stage and strategic investors including Pacific Channel, Booster, AIM, New Zealand Enterprise Angels, and Berlinger. Having other investors around the table gives us confidence that we can continue to fund the companies future growth. Their decision to invest also provides validation that third parties have done institutional-grade diligence and have seen value at this valuation. Berlinger's investment as a leading multinational player in the clean sports industry also validates market demand and channel to market.
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