Health tech business Atlas Genetics completes £28m Series D
Finance will enable company for the clinical trials and launch of its second test and for further product development
Atlas Genetics, a molecular diagnostics company, has raised £28m in Series D funding from its Series C investors, alongside Wondfo Biotech.
Existing investors incude Novartis Venture Funds, Consort Medical plc, Johnson & Johnson Innovation, JJDC, Inc., LSP, BB Biotech Ventures, RMI Partners and Technology Venture Partners.
Founded in 2005, Atlas Genetics develops point-of-care (POC) diagnostics tests for infectious diseases that provide quick and accurate results, with a primary focus on Sexually Transmitted Infections and Hospital Acquired Infections.
It has recently completed development of its Atlas Genetics io system and announced the CE marking of its chlamydia trachomatis test in February 2016.
The finance will be used for clinical trials and the commercial launch of a second test that detects both chlamydia and gonorrhoea, further product development and the expansion of its cartridge manufacturing capacity with its manufacturing partner.
Dr John Clarkson, CEO of Atlas Genetics, commented: “We have continued to make excellent progress and are delighted to have raised significant funds to allow us to complete clinical trials, registration and launch in Europe and the US launch of our flagship product […].
“Our system will enable physicians to test and treat patients immediately for what can be distressing conditions. Immediate treatment enables better antibiotic stewardship and prevents onward transmission, which will help to reduce the associated financial burdens that these infections place on our healthcare systems.
“We believe that Atlas Genetics is poised to become a world leader in POC molecular diagnostics and we plan to roll-out new assays in a range of clinical areas over the next two years and beyond.”