Funds to accelerate global launch of Atlas io® molecular testing system
Bath, UK, 29 January, 2015. Atlas Genetics Ltd (“Atlas” or the “Company”), the ultra-rapid ‘test and treat’ molecular diagnostics company, today announces 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. The io® system is a highly novel molecular diagnostic system for the ultra-rapid diagnosis of a broad range of infectious diseases. 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 on board and is designed to receive an unprocessed clinical specimen. The cartridge is then inserted into the reader instrument which then completes the three-stage process of sample preparation, DNA amplification and electrochemical detection, to analyse the patient’s sample for the target infection. Each cartridge can carry out up to 24 different tests from a single patient sample. The io® 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. This will enable clinicians to test and commence treatment within the same appointment and ensure much improved compliance, particularly in the area of STIs, where a significant proportion of patients fail to return for test results or follow-on treatment.
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.”
Maxim Gorbachev, Partner of RMI Partners added: "We have been impressed by what the Atlas management team have accomplished so far and the Company’s near-term potential for growth. The proposed technology offers a ‘test and treat’ solution to improve patient outcomes, operational efficiencies, and reduce the overall cost of care. RMI Partners is enthusiastic to join this top-tier group of existing investors."
Bath, UK, 19th June, 2014. Atlas Genetics Ltd (“Atlas” or the “Company”), the diagnostic company developing ultra-rapid point-of-care (POC) tests for a range of infectious diseases, has won the “Best for Innovation” award in the BVCA Management Team Awards 2014 for the South West region.
The prize was given out by the British Private Equity and Venture Capital Association (BVCA), the industry body and public policy advocate for the private equity and venture capital industry in the UK. The BVCA Management Team Awards are an annual celebration of the best and brightest UK businesses which are supported by private equity and venture capital. The “Best for Innovation” award aims to recognise the achievements of the management teams of eligible companies in driving innovation.
Atlas Genetics has developed the io system, 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). The io system will make it possible, for the first time, to carry out a broad range of infectious disease tests in primary care clinics and GP surgeries that are as accurate as those carried out in hospital laboratories. This will enable clinicians to test and commence treatment within the same appointment and ensure much improved compliance, particularly in the area of STIs, where a significant proportion of patients fail to return for test results or follow-on treatment.
John Clarkson, CEO of Atlas, said: “I’m delighted that the work of Atlas Genetics has been recognised through this prestigious award. We are at the forefront of clinical science in the development of fast and accurate tests for infectious diseases. The ability for clinicians and GPs to diagnose and treat in the same session is important for the prevention of onward transmission of infection. The underlying technology is based on long term collaborative research with the University of Bath, and this award is testament to the strength of that collaboration and the scale of innovation that it has fostered.”