UK-based molecular diagnostics technology developer Atlas Genetics completed a $35m series D round yesterday that included medical diagnostics company Wondfo Biotech and pharmaceutical companies Novartis, Johnson & Johnson and Consort Medical.
RMI Partners, LSP, BB Biotech Ventures and Technology Venture Partners also took part in the round. Novartis and Johnson & Johnson invested 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. Consort invested approximately $3.9m in the round and now holds a 15.2% stake in Atlas.
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.”
Atlas has now raised approximately $86m altogether, with Consort, Novartis Venture Funds and Johnson & Johnson Innovation – JJDC all participating in its $25m series B round in 2014 as well as a $20m series C early the following year.
– This article was amended on January 24 to reflect additional details of Consort Medical’s participation.