Atlas Genetics (AG), a UK-based, PE-backed point-of-care (POC) diagnostics company, is looking to raise up to USD 30m to fund clinical trials and commercialization, a source familiar with the situation said.
The company has developed ultra-rapid, low cost, multiple analyte detection technology for POC use to screen the presence of sexually transmitted infections (STIs) and hospital acquired infections (HAIs).
The company will raise capital through a private placement in 3Q16, the source said. AG has mandated UBS to assist in the stake sale, the source said. The exact stake size for sale in exchange for fresh funding is subject to negotiation and would not be disclosed, according to the source.
AG is already talking with a targeted group of potential investors, the source said without elaborating.
AG intends to use the new funding to complete clinical research of its tests for HAIs in the US to obtain the US FDA approval, and begin commercialization in Europe next year, the source added. The company specializes in technologies for diagnosing chlamydia and gonorrhea while the patient is still at the clinic, and plans to raise the number of offered tests to 24 in the future, the source added.
Founded in 2005 and based in Bath, AG develops technology platform for in vitro POC testing, with focus on sexually transmitted infections, neonatal sepsis and hospital acquired infections, according to company information. AG offers diagnostic instruments with disposable cartridge system that allows to reduce the time between obtaining a patient sample to medical treatment.
In January 2015, AG announced the completion of a Series C round raising USD 20m (GBP 12.7m) from a syndicate of investors led by Novartis Venture Funds, including Johnson & Johnson Development Corporation, LSP (Life Science Partners), BB Biotech Ventures, Consort Medical plc, YFM Equity Partners, RMI Partners and private investors. In July 2011, AGL announced that it had raised GBP 16.9m from a syndicate of investors led by Novartis Venture Funds and Consort Medical in a Series B round.
AG did not return phone and written requests for comments. UBS declined to comment.
Russian pharmaceutical company NovaMedica, a portfolio company of RUSNANO, announces the start of construction of a plant for the production of sterile injectable drugs as part of its long-term strategy to localize innovative medicines and technologies of their development and production in Russia. The plant will be built in the industrial park “Vorsino” in the Kaluga region.
20 September 2017
19 September 2017