Company behind lifesaving technology secures crucial investment from South West Ventures Fund and GEIF
21 July 2006
Atlas Genetics, a company that develops rapid tests for serious diseases including meningitis and the hospital superbug MRSA, is the latest to benefit from the £25 million South West Ventures Fund, which is managed by the YFM Group, and the £5 million GEIF Ventures co-investment fund, managed by NW Brown.
The technology developed by Atlas Genetics will allow hospitals and eventually GPs to perform such tests locally and make decisions about treatments within 30 minutes. Currently, hospitals and clinics can take up to 72 hours by which time patients may have become seriously ill.
The company has secured £150,000 from the South West Ventures Fund which was set up to make venture capital available to small and medium-sized enterprises (SMEs) with high-growth potential in the South West region. It has also received an additional £260,000 from private investors, including members of the South West Angel and Investor Network (SWAIN), plus £90,000 from GEIF Ventures.
Formed in 2005 as a spin-out from the University of Bath where it is based, Atlas Genetics is working on an innovative platform that will analyse a clinical sample taken from blood, urine or saliva using a test cartridge inserted into a small portable instrument. An electronic tag developed by the company automatically indicates the presence of DNA from the pathogen causing the disease.
This funding round will enable Atlas, which employs seven staff and continues to work closely with academics and researchers at the University of Bath, to finalize the prototype of the test instrument.
John Clarkson, Chief Executive Officer of Atlas Genetics, said “The funding secured from our investors will take us through to the next critical stage of product development and enable the Company to produce its first prototype products. This will be a unique product and is something we are very excited about. It will radically reduce the amount of time that’s required to carry out sensitive and specific tests for infectious diseases and, ultimately, save lives and decrease costs.”
Peter Davies, investment director with YFM Group, managers of the South West Ventures Fund, said: “This latest deal on behalf of Atlas Genetics - the first time that we have co-invested alongside SWAIN members - represents an excellent opportunity to back an experienced management team in taking forward innovative technology that is set to have a major impact on the rapidly growing DNA diagnostics market”.
Max Bautin, who manages GEIF Ventures, shares similar views: “Atlas Genetics proposition of combining simple DNA identification technology with innovative chemistry will revolutionize the infectious disease diagnostics market”.
The professional team involved in finalising this deal included Andrew Betteridge from Ashfords.