At Pacific Channel, we invest in science-led companies creating solutions to globally relevant challenges. Our portfolio companies often sit at the intersection of deep science, unmet need, and a large, underserved market.
That’s why in 2020 we backed InsituGen when it spun out of the University of Otago - and why we continue to support them.
InsituGen is proving that with the right platform, the right people, and the right partners, scientific innovation can rapidly become market traction.
Turning Deep Science into Commercial Traction
Steroid hormones are essential to health and development - in both animals and humans. Yet, despite their importance, diagnostic tools that accurately detect steroid hormone bioactivity have remained outdated, limited, and often unable to reflect what’s actually happening in the body.
InsituGen is changing that.
The company’s patented, cell-free bioassay platform replicates natural biological pathways to detect any compound (known or unknown) interacting with estrogen or androgen receptors. Unlike conventional testing methods that rely on chemical identification alone, InsituGen’s technology detects what the compound does, not just what it is.
The platform is scientifically robust, commercially viable, and already in use across early market channels
Solving a Real-World Problem with Real-World Impact
One of the reasons we’re supporting InsituGen is simple: this is a technology solving a real-world problem.
Every day, veterinarians are asked when the right time is to neuter a dog. Yet they’re forced to answer without reliable data. Millions of dogs are neutered without any assessment of hormonal maturity - a decision that can have long-term health consequences if done too early. Until now, there hasn’t been a fast, affordable, and accurate way to measure hormone bioactivity at this critical moment.
InsituGen’s NeuterNow test changes that. It gives vets and pet owners a clear, biologically meaningful insight into testosterone activity, helping guide one of the most important early-life decisions for a pet. It’s already gaining traction in New Zealand and poised for launch in the UK, with further point-of-care products on the way.
This is not just a scientific advance - it’s a practical, accessible solution to a problem affecting millions of animals and their families.
Why We’re Continuing to Support InsituGen
When we first invested in 2020, we said: “In addition to specialist capital, InsituGen will have access to our team of experts who understand what it takes to turn IP into technology that creates meaningful global impact and commercial success.” That belief remains - and today, the company is proving that vision.
In a nutshell, here's why we’re backing InsituGen (again):
- Commercial traction is underway. InsituGen’s first product, firstFlagX, is being used to detect designer androgens in racing horses and camels. A global distribution deal with anti-doping leader Berlinger brings this product to 175+ countries, with growing interest from race labs across Australasia and the Middle East.
- Veterinarians are being empowered as distributors. Unlike human diagnostics, vets can generate revenue from in-clinic testing. That makes InsituGen’s point-of-care hormone tests an attractive, recurring revenue opportunity for clinics. Vets are motivated to adopt, use, and recommend - turning users into advocates and informal distributors.
- Clear product pipeline in a fast-growing market. The $1.72B global hormone health market for dogs is growing at 9.4% annually. InsituGen’s pipeline - including SpayReady and LongevityAnnual - is designed to meet rising demand from pet owners seeking personalised, preventative care.
- Platform potential across multiple sectors. Beyond pet health, InsituGen has already delivered paid testing in public health and safety markets - from supplements to sanitary products to freshwater samples. Its core technology is proven, validated, and adaptable.
- A strong syndicate of aligned, value-add investors. This round brings together leading European veterinarians, life sciences investors, and clean sport partners -including the CEO of a prominent European animal hospital and the former head of Carlyle Europe. That network enhances strategic reach and positions the company well for future capital raising.
From Vision to Global Impact
InsituGen is already showing what New Zealand innovation can achieve when backed with the right support. With early sales in hand, a high-growth market focus, and a credible path to scale, the company is well on its way to becoming a global diagnostics player. It reflects the type of company Pacific Channel was established to support – one that combines a meaningful problem, world-class science, and a leadership team committed to execution.
This is a company with the potential to change the way we think about hormone health and we’re thrilled to be supporting it.
