Atlas Genetics has raised 16.9 million pounds in Series B funding. The investors in this round include Novartis Venture Funds, Consort Medical plc, Life Sciences Partners, BB Biotech Ventures, Johnson & Johnson Development Corp. and YFM Equity Partners. Based in Bath, England, Atlas is a diagnostics company that provides tests for infectious diseases.
BATH, England, April 29, 2014 /PRNewswire/ —
Atlas Genetics Ltd (“Atlas” or the “Company”), the diagnostic company developing ultra-rapid decentralized and point-of-care (POC) tests for a range of infectious diseases, today announces that it has completed the final tranche of its £16.9m Series B financing.
The investors in this Series B financing include Novartis Venture Funds, Consort Medical plc, LSP (Life Sciences Partners), BB Biotech Ventures, Johnson & Johnson Development Corporation, YFM Equity Partners and private investors.
The final tranche of the £16.9 million Series B investment will be used to complete the transfer to manufacture of the Atlas io™ system and file for European approval of the first test for Chlamydia. The io™ system is a highly novel molecular diagnostic system for the ultra-rapid diagnosis of a broad range of infectious diseases including Sexually Transmitted Infections (STIs) and Hospital Acquired Infections (HAIs). It is based on a patent-protected electrochemical sensor technology that combines speed and accuracy, and removes any requirement for costly optical components.
In addition to deployment in hospital settings, the Atlas system will make it possible, for the first time, to carry out infectious disease tests in primary care clinics and GP surgeries that are as accurate as those carried out in hospital laboratories. This will enable clinicians to test and commence treatment within the same appointment and ensure much improved compliance, particularly in the area of STIs, where a significant proportion of patients fail to return for test results or follow-on treatment.
Dr John Clarkson, Chief Executive Officer of Atlas, commented: “We have made tremendous progress in the development of the io™ system since the initial Series B investment in July 2011 and we look forward to gaining regulatory approval for our first product, a Chlamydia test, around the end of this year.”
About Atlas (http://www.atlasgenetics.com)
Atlas (Atlas Genetics Ltd) develops ultra-rapid decentralized and point-of-care (POC) diagnostic tests for infectious diseases. The Atlas io™ system uses patented technology based on the use of a novel electrochemical sensor that combines speed, accuracy and multiplex detection capability. The Company has its head office and laboratory facilities near Bath. Atlas was established in 2005 and is financed by VC, corporate and private investors including Novartis Venture Funds, Consort Medical plc, J&J Development Corporation, Life Science Partners (LSP), BB Biotech Ventures and YFM Equity Partners.
Rapid and simple-to-use diagnostics offer health professionals the ability to test for medical conditions at or close to the site of patient care. Atlas has developed a flexible technology platform for decentralized and POC testing, which has been designed to accurately and quickly diagnose a wide range of medical conditions within 30 minutes. The Atlas io™ system consists of an inexpensive Reader into which a disposable cartridge containing a patient sample is inserted. The system is scheduled for clinical trials in 2014, followed by rollout in Europe and the United States, pending regulatory approvals.
Atlas is developing tests for a range of infectious diseases including sexually transmitted infections and hospital acquired infections. The Atlas io™ system will initially be launched for the testing of Chlamydia and Gonorrhoea, allowing clinicians to test and treat patients in a single visit. Over 50 million tests are carried out for these diseases in Europe and the US every year. According to the European Centre for Disease Prevention and Control, Chlamydia is the most frequently reported Sexually Transmitted Infection, with prevalence rates in young people between 5-10%, whilst Gonorrhoea is the second most commonly reported STI. The worldwide in vitro diagnostic market for infectious disease testing is estimated to be worth around US$9 billion.