OxiDx Pty Ltd: Novel test for equine muscle damage - Investment Opportunity
Opportunity for
- Investors - including HNW, Family Offices, VCs, and other strategic investors.
Current opportunity
Industry challenge
To perform at their peak, racehorses must achieve optimal fitness, which necessitates intense training regimes. However, intensive training or competition in horses can cause muscle damage. Persisting with training or competition despite muscle damage may result in; (1) decreased performance, (2) an increased risk of major muscle injury - including strains or tears, or (3) the inability to compete.
Musculoskeletal injuries are one of the largest problems facing the racing industry. It is estimated that at least 40% of muscle injuries remain entirely undetected1. This may be one reason why it has been reported that 85% of thoroughbreds sustain at least one injury during their 2–3-year-old racing seasons2. Consequently, studies have also found that in 51% of all cases, the decision to retire a horse is involuntary (i.e., caused by injury)2.
OxiDx Pty Ltd has developed the OxiDx test, a simple blood test for oxidative stress which acts as a readout of sub-clinical muscle damage (i.e. detectable before other visible symptoms are present). Oxidative stress occurs when the body’s antioxidant defenses are overwhelmed by an excess of toxic oxidants. Oxidative stress levels are often reflective of a horse’s health status and physical performance capability.
OxiDx is used after a bout of intensive exercise (training or racing), and our peer-reviewed studies have shown OxiDx levels can peak 2 days post exercise and remained elevated for at least 7 days in some horses3. The OxiDx test can detect muscle damage when current industry standard blood tests cannot3. Recently, OxiDx has demonstrated that racing without oxidative stress results in a higher likelihood of winning or placing in the top three4. Results from a cohort of 75 horses tested across 216 races revealed that horses who raced without oxidative stress were 46% more likely to win and 76% more likely to place in the top three4. The OxiDx test provides trainers and vets both an early intervention risk management tool and a competitive advantage through improved race-preparedness.
Current opportunity
With over 15 peer reviewed studies validating the science, OxiDx Pty Ltd is launching the OxiDx test for equine use within Australia in 2026. Consequently, OxiDx Pty Ltd is seeking interest from investors, ideally Family offices, VC’s and other strategic investors with interest or connections within the equine industry. We are also interested in engaging with trainers and owners to discuss the value that the OxiDx test will provide for their training and racing operations.
Competitive Advantages of the OxiDx test
Small blood volume permits rapid, on-site sampling by anyone, anytime, anywhere
Blood samples are stable at ambient temperature, no cold-chain logistics or special mailing requirements are required
Streamlined laboratory analysis permits 24-hour results turnaround
Simple results feedback allowing for modification and monitoring of training, diet and recovery to ensure all horses race without oxidative stress
Cost-effective for routine sampling and large cohort collection
The global Thoroughbred racing industry is worth more than A$400 billion annually5, driven by high-performance demands, intense competition, and the need to safeguard valuable equine assets. Australia is a major global racing hub, with an industry valued at over A$9 billion, more racecourses than any other country, the second-largest number of racehorse starters worldwide, and the world’s richest turf race, The Everest (A$20 million prize money)6. Performance variability and injury remain significant commercial risks, with musculoskeletal issues responsible for around half of all lost training and racing days. As racing stables and regulators increasingly adopt sports science and precision monitoring, demand is growing for objective, data-driven tools that can detect physiological stress and optimise training decisions.
The primary target market for OxiDx comprises Thoroughbred trainers who have clear decision-making authority, sufficient scale and staffing, sufficient number of horses in work (i.e. >50) and the motivation and capability to adjust training practices at the individual horse level. This segment is largely concentrated in metropolitan training centers and comprises of approximately 125 trainers in Australia and an estimated 1,460 trainers globally. The secondary target market includes racing regulatory bodies (e.g. Racing Victoria), universities, research institutions, and commercial organisations involved in equine science and nutrition research, which represent important partners for validation, policy alignment, and broader industry adoption.
Opportunity background
Our data shows that the response to - and recovery from - a race varies from horse to horse and that horses who race without oxidative stress have enhanced performance. The OxiDx test enables trainers to adapt training and management strategies for individual horses, which could include resting the horse to allow for recovery, or increasing the number of days trained at a slower pace. Consequently, trainers will use the OxiDx test track how individual horses are recovering from their training and racing regimes. Such strategies would not only enhance race performance but also reduce the risk of muscle damage and injury which would help enhance equine health and welfare, and minimise economic losses in competitive horses.
Potential other applications
Further applications for the OxiDx technology:
Professional and elite amateur sports - Performance, recovery and injury risk management.
Precision medicine – Direct-to-consumer monitoring tool for health and wellbeing.
Primary industry – Monitor effects of changing conditions, handling and detect pathogen invasion.
Clinical trials and research – Complementary diagnostic test for treatment efficacy and personalised dosing in multiple health conditions.
References
1. Diagnosing and managing muscle tears in horses
2. Crawford KL, Finnane A, Greer RM, Phillips CJC, Woldeyohannes SM, Perkins NR, Ahern BJ. Appraising the Welfare of Thoroughbred Racehorses in Training in Queensland, Australia: The Incidence, Risk Factors and Outcomes for Horses after Retirement from Racing. Animals (Basel). 2021 Jan 11;11(1):142. doi: 10.3390/ani11010142. PMID: 33440666; PMCID: PMC7827103.
3. James, C., Lloyd, E.M. and Arthur, P.G. (2025), The Level of Thiol-Oxidised Plasma Albumin Is Elevated Following a Race in Australian Thoroughbred Horses. Vet Med Sci, 11: e70487. https://doi.org/10.1002/vms3.70487
4. James, C.; Sheahan, J.; Arthur, P. Stable Levels of Thiol-Oxidised Plasma Albumin, a Biomarker of Oxidative Stress, Is Correlated with Enhanced Performance in Australian Thoroughbred Racehorses. Animals 2025, 15, 3580. https://doi.org/10.3390/ani15243580
5. liquidity-provider.com/news/the-economics-of-horse-racing-a-deep-dive-into-the-financial-world-of-the-sport/
6. publishingservices.racingaustralia.horse/newsletters/2024_Racing_Australia_Fact_Book/
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