Atlas Genetics Ltd today announces that it has completed the final tranche of its £16.9m Series B financing.
The investors in this Series B financing 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 final tranche of the £16.9 million Series B investment 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.
In addition to deployment in hospital settings, the Atlas system will make it possible, for the first time, to carry out 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.
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."
Atlas Genetics Ltd today announces that it has completed development of the Atlas io® Reader, a POC device that can deliver laboratory quality results for molecular assays in under thirty minutes.
The Atlas io® Reader, developed with The Technology Partnership plc (“TTP”), operates with a disposable cartridge, to which an unprocessed clinical specimen is added. The instrument fully automates the three-stage process of sample preparation, DNA amplification, and electrochemical detection to analyse the patient’s sample for the target infection.
The current clinical practice usually involves sending test samples to the central laboratory for analysis with a turn-around time of up to ten days.
The Atlas io® Reader allows rapid diagnosis of infectious diseases, providing clinicians with the opportunity to treat the patient immediately, eliminating the need for a return visit and greatly improving patient outcomes.
The Atlas io® Reader is now entering pilot manufacture ahead of the company conducting clinical studies to support its application for regulatory clearance in Europe later this year.
John Clarkson, CEO of Atlas, said: “Our focus is on diseases including sexually transmitted, and hospital acquired infections, where rapid diagnosis is essential for effective treatment and control. The Atlas io® Reader is an accurate, low cost, diagnostic instrument that has the potential to revolutionise infectious disease diagnosis by allowing clinicians to test and treat their patients in the same visit.”
Piers Harding, project leader at TTP, comments: “The outstanding results that we are seeing from initial production instruments are testament to the close working relationship that Atlas Genetics and TTP have formed over the past year.”
About TTP (www.ttp.com)
The Technology Partnership plc (TTP) is Europe's leading technology and product development company. TTP works closely with its clients to create disruptive products based on advances in technology and engineering innovation. TTP’s technology lies behind many products and processes in areas as diverse as communications, digital printing, instrumentation, consumer & industrial products, biotechnology, medical devices, cleantech and security systems.