Atlas Genetics Completes $20m Series C Fundraising
Atlas Genetics Ltd (“Atlas” or the “Company”), the ultra-rapid ‘test and treat’ molecular diagnostics company, announced the completion of a Series C financing, raising $20 million from a syndicate including existing investors and one new investor, RMI Partners.
New investor, RMI Partners, is a global life sciences venture capital firm, the largest in Eastern Europe. Existing investors include Novartis Venture Funds, Consort Medical plc, Johnson & Johnson Innovation - JJDC, Inc., LSP, BB Biotech Ventures and South West Ventures Fund. This newly announced financing follows on from the previously announced Series B fundraising of $25 million.
Atlas develops ultra-rapid point-of-care diagnostic tests for infectious diseases. The io® system is at an advanced stage of development and is expected to be launched in Europe with the first test for Chlamydia later this year. The Series C investment will be used to accelerate the launch of the io® system, initiate US clinical trials, and expand the menu of tests available initially in the STI (sexually transmitted infections) and HAI (hospital acquired infections) markets.
Dr John Clarkson, Chief Executive Officer of Atlas, commented: “We would like to thank our investors for their continued support and we are delighted to welcome RMI Partners to the syndicate. This is an exciting time for the Company as we prepare our first product, a test for the sexually transmitted infection Chlamydia, for launch in Europe later this year. The funds raised will enable us to commercialise our io® system and to build out a programme of much needed ‘test and treat’ assays in markets where time really does matter, both for the physician and for the patient.”
For more information about Atlas Genetics, please visit atlasgenetics.com.