Atlas Genetics Ltd. announces completion of its Series D financing, raising $35 million from a syndicate including all Series C Investors and one new investor, Wondfo Biotech.
Development of the Atlas Genetics io® system has been completed with the successful CE marking of the Chlamydia trachomatis (CT) test announced in February 2016. This new Series D equity issue will finance the clinical trials and commercial launch of a second test, for detection of both Chlamydia and Gonorrhoea, planned for regulatory approvals in the US around the end of 2017, as well as further development of additional diagnostics menu. The financing also provides funding to expand cartridge manufacturing capacity at Bespak, Atlas Genetics’ cartridge manufacturing partner.
The io® system is a highly novel molecular diagnostic platform for the ultra-rapid diagnosis of a broad range of infectious diseases. The system offers a sample-to-answer time of under 30 minutes making it possible to carry out infectious disease tests in primary care clinics and physicians’ offices that are as accurate as those carried out in hospital laboratories. It is based on a patent-protected electrochemical sensor technology that combines speed, accuracy and low manufacturing costs. The fully integrated cartridge contains all reagents and is designed to receive an unprocessed clinical specimen. Each cartridge can detect up to 24 different genetic targets from a single patient sample.
Wondfo Biotech, the new investor, is a well-established Chinese in vitro diagnostic company, with over 1,000 employees based in Guangzhou, Guangdong Province, that develops and manufactures a broad range of diagnostic assays including several POC tests. Existing investors include Novartis Venture Funds, Consort Medical plc, Johnson & Johnson Innovation - JJDC, Inc., LSP, BB Biotech Ventures, RMI Partners and Technology Venture Partners. This new financing follows on from the previously announced Series C fundraising of $20 million in January 2015.
Dr John Clarkson, Chief Executive Officer 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 of our flagship product, a combined CT/NG (Chlamydia / Gonorrhoea) test, as well as to further our menu development. 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.”