LONDON (Alliance News) - Consort Medical PLC said Thursday that it is investing a further GBP2.2 million in Atlas Genetics Ltd, taking its total investment in the company to GBP6.3 million.
The investment forms part of a total GBP12.7 million Series C funding by Atlas, and Consort said that its subscription is proportionate to its existing 17.3% shareholding in Atlas.
The funding round is intended to help accelerate the launch of Atlas' io testing system, initiate US clinical trials of the system, and expand the selection of tests available. The system is expected to launched in Europe with a test for chlamydia later this year.
"We are delighted that Atlas is now at a stage close to the launch of the io system and we are excited about the company's near-term potential for growth with this rapid testing technology," said Chief Executive Officer Jonathan Glenn in a statement.
Shares in Consort are trading down 0.5% at 845.50 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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