Atlas Genetics Fundraising Pulls In New Chinese Investment
Atlas Genetics, a UK point-of-care molecular diagnostics developer, has raised $35m in Series D financing from an investor syndicate. The funding round attracted existing shareholders and new investment from Chinese in vitro diagnostic company Wondfo Biotech.
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2017 has not got off to a bullish start, with January’s total venture financing deal value barely making it half way past last year’s level. The biggest round, at $40m, went to preterm birth risk specialist Sera Prognostics, catching the eye of the largest lab services provider in the US, LabCorp.
Do it once, do it right and do it quick: when it comes to diagnostic testing, that suits patients and payer systems that are pursuing budget-sensitive, quality-driven health care solutions. It could also be the shorthand mission statement of POC diagnostics developer Atlas Genetics, which is developing a new IVD platform technology for infectious disease tests.
Atlas Genetics is bringing to market the first point-of-care molecular diagnostic test for chlamydia that can deliver results in 30 minutes. The rapid turnaround time will hopefully reduce the number of patients who do not go back to retrieve their results and consequently not get the necessary treatment should they have the sexually transmitted infection (STI).