Atlas Genetics, a diagnostic HealthTech spinout from the University of Bath, has raised a $35m Series D round.
The funding comes from the investors that participated in the firm’s $20m Series C round in January 2015, including RMI Partners, Novartis Venture Funds, Consort Medical plc, Johnson & Johnson Innovation, LSP, BB Biotech Ventures and the South West Ventures Fund. Wondfo Biotech joins as a new investor.
Founded in 2005, Atlas Genetics develops fast point-of-care diagnostic tests for infectious diseases. The new funding will support the development and global launch of its io® system, which uses electrochemical sensor technology to detect and diagnose sexually transmitted infections.
Following the successful CE marking of the chlamydia trachomatis test in February last year, the firm plans to deploy cash into more clinical trials and launch a second test to detect both chlamydia and gonorrhoea.
Dr John Clarkson, CEO 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,” he added.
Atlas Genetics hopes the diagnostic system will receive regulatory approval in the US by the end of 2017.
“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,” Clarkson concluded.