Financing global launch and menu development of Atlas Genetics’ io® molecular testing system
Bath, UK, 23 January, 2017. Atlas Genetics Ltd., the ultra-rapid Point-Of-Care (POC) molecular diagnostics company, today 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.”
|Atlas Genetics Ltd:||Tel: +44 (0) 1225 717930|
|FTI Consulting:||Tel: +44 (0) 20 3727 1000|
|Mo Noonan / Ben Atwell / Matthew Moss|
NOTES TO EDITORS
Atlas Genetics (www.atlasgenetics.com)
Atlas Genetics develops ultra-rapid POC diagnostic tests for infectious diseases. The Atlas Genetics’ io® system uses patented technology based on the use of a novel electrochemical sensor that combines speed, accuracy and multiplex detection capability with low manufacturing costs. The company has its head office and laboratory facilities near Bath in the UK with a commercial office in Boston, MA.
Wondfo Biotech (www.wondfo.com.cn)
Wondfo Biotech Co., Ltd was founded in 1992 as a research based company on the campus of South China University of Technology in Guangzhou, Guangdong Province. The corporation quickly grew beyond research purposes towards custom manufacturing of quality medical products and biochemical reagents. Wondfo has obtained ISO 9001 certificate, GMP approval, FDA approval and CE Mark and has pioneered new and advanced engineering techniques in diagnostic manufacturing. The Company has a worldwide network of offices and distributors employing over 1,000 people in state of the art facilities incorporating laboratory, office and manufacturing space, including a facility in San Diego, USA. Wondfo has a market capitalisation of around $US1.5 Billion and consensus estimates for revenue in 2016 of around $US 75 Million.