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Atlas Genetics Completes Final Tranche of $28.4M Series B Financing

NEW YORK (GenomeWeb) – Atlas Genetics today announced it completed the final tranche of its £16.9 million ($28.4 million) Series B financing to complete the transfer to manufacture of its io molecular diagnostics system and file for regulatory approval of the first test for chlamydia.

Investors in the financing included Novartis Venture Funds, Consort Medical, Life Sciences Partners, BB Biotech Ventures, Johnson & Johnson Development, YFM Equity Partners, and private investors.

The io system uses electrochemical sensor technology to diagnose infectious diseases, such as sexually transmitted diseases and hospital-acquired infections. Atlas said that in addition to use in hospital settings, the platform is aimed at primary care clinics and doctor's offices, where it will enable practitioners to test for infectious diseases as accurately as hospital laboratories.

"This will enable clinicians to test and commence treatment within the same appointment and ensure much improved compliance, particularly in the area of [STDs], where a significant proportion of patients fail to return for test results or follow-on treatment," the Bath, UK-based company said in a statement.

The firm completed development of the instrument earlier this year and entered into the pilot manufacturing phase.