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Atlas Genetics raises funds to accelerate Velox test launch

Bristol-based Atlas Genetics has received £16.9m in Series B Financing from Novartis Venture Funds, Johnson & Johnson Development, BB Biotech and Consort Medical to to accelerate the launch of Velox point-of-care test for Chlamydia and gonorrhoea.

Velox is a molecular diagnostic system for the ultra-rapid diagnosis of infectious diseases using either nucleic acid or immuno-assays.

The assay aids clinicians to treat and ensure compliance, particularly in the area of sexually transmitted diseases where a proportion of patients fail to return for test results or follow on treatment.

The newly announced financing follows a £1.5m round in February 2011, supported by Consort Medical and other investors.

The company has been previously funded and supported by YFM Equity Partners, Braveheart Investment Group, Wyvern Asset Management, the Crescent Seedcorn Fund and private investors.

Atlas Genetics CEO John Clarkson said they are delighted to welcome the new investors at this time when the company’s first product, a test for the sexually transmitted disease Chlamydia, is being transferred to manufacture and the core capabilities of the sensor chemistry are being expanded.