Atlas Genetics Ltd, a Bristol, UK-based diagnostic company developing ultra-rapid point-of-care tests for a range of infectious diseases, has raised £16.9m in Series B funding.
Investors include Novartis Venture Funds, and Consort Medical, with participation from Life Sciences Partners (LSP), BB Biotech Ventures, Johnson & Johnson Development Corporation, YFM Equity Partners, Braveheart Investment Group, Wyvern Asset Management, the Crescent Seedcorn Fund and private backers.
The company intends to use the funds to accelerate the global launch of its VeloxTM point-of-care products for Chlamydia and gonorrhoea, expand its immunoassay capability, as well as develop other infectious disease tests.
VeloxTM is a novel molecular diagnostic system for the ultra-rapid diagnosis of a broad range of infectious diseases using either nucleic acid or immuno-assays. It is based on a patent- protected electrochemical sensor that combines speed and accuracy.
VeloxTM is designed to make it possible to carry out infectious disease tests in primary care clinics and GP surgeries that are as accurate as those carried out in hospital laboratories.
Founded in 2005 and led by CEO Dr John Clarkson, Atlas has laboratory facilities in Trowbridge, Wiltshire, UK.