The Bath University spinout will use the series D proceeds to fund clinical trials of a test for chlamydia and gonorrhoea while expanding its partner's manufacturing capacity.
UK-based molecular diagnostics technology developer Atlas Genetics, a spinout from Bath University, completed a $35m series D round yesterday that included medical diagnostics company Wondfo Biotech and various existing investors.
The round also featured RMI Partners, LSP, BB Biotech Ventures and Technology Venture Partners, as well as pharmaceutical companies Novartis, Johnson & Johnson and Consort Medical, the former two investing through respective subsidiaries Novartis Venture Funds and Johnson & Johnson Innovation – JJDC.
Atlas Genetics is working on in vitro diagnostics technology that uses an electrochemical sensor to test for infectious diseases at the point of care (POC). Each cartridge in the company’s IO system can detect up to 24 different genetic targets from each sample.
The system received CE marking for a chlamydia trachomatis test in 2016. Atlas will invest the series D capital in additional clinical trials and the commercial launch of a test for chlamydia and gonorrhoea that it hopes will receive US regulatory approval by the end of this year.
Further funding will go to expanding the company’s diagnostics offering and supporting an increase in manufacturing capacity for its cartridge manufacturer partner. Atlas has now raised approximately $86m altogether.
John Clarkson, CEO of Atlas Genetics, said: “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.”
