NEW YORK (GenomeWeb) – Molecular diagnostics firm Atlas Genetics today announced the completion of a Series C financing round that raised $20 million.
Atlas will use the proceeds to accelerate the launch of its MDx system called io in Europe for the ultra-rapid diagnosis of infectious diseases, initiate clinical trials in the US, and expand its test menu for sexually transmitted diseases and hospital-acquired infections.
Participants in the financing included new investor RMI Partners. Existing investors Novartis Venture Funds; Consort Medical; Johnson & Johnson Innovation; Life Science Partners; BB Biotech Ventures; and South West Ventures Fund also participated in the round.
Based in Bath,UK, Atlas develops infectious disease diagnostics tests and anticipates launching its io platform later this year with a chlamydia test, it said. The system uses electrochemical sensor technology with fully integrated cartridges that contain all reagents on board to receive unprocessed clinical specimens.
The cartridges are inserted into the reader instrument that then does sample preparation, DNA amplification, and electrochemical detection to analyze the patient sample. Each cartridge can carry as many as 24 different tests from one patient sample, Atlas said, adding that io can conduct sample to answer processing in less than 30 minutes.
Atlas raised £16.9 million in a Series B financing round in April 2014.