Consort Medical pours more cash into Atlas Genetics

Single-source drug and delivery device company Consort Medical announced on Monday that it has participated in a further equity raise by Atlas Genetics.

The London-listed firm said that, following the successful CE-marking for the chlamydia trachomatis ‘io’ test cartridge, Atlas Genetics has raised a series D equity issue of £28.4m to finance the continued development of the combined chlamydia and gonorrhoea assay and test cartridge, which is planned for regulatory approvals in the US and Europe around the end of 2017.

It said the equity raise also provides funding to expand manufacturing capacity at Consort's subsidiary Bespak.

Of the total Series D raising of £28.4m, Consort has subscribed £3.1m alongside existing shareholders, and a new Chinese investor, Wondfo Biotech.

Consort's equity share in Atlas Genetics following the raise will be 15.2%, or 13.4% on a fully diluted basis.

Following the Series D funding, Consort will have invested £9.4m in Atlas.

“We are delighted to participate in this further fund raise for Atlas Genetics,” said Consort chief executive Jonathan Glenn.

“We are excited about the potential for this rapid testing technology and remain committed as Atlas Genetics' development and manufacturing partner through our Bespak subsidiary.”