Atlas Completes Series B Fundraising

Atlas Genetics Ltd, a diagnostic company developing decentralised and point-of-care (POC) tests for a range of infectious diseases has completed the final tranche of its £16.9m Series B financing.

The investors 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 investment funds 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. It can be used in both hospital and GP surgeries.

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."