23 Jan 2017 07:00
Consort Medical plc
23 January 2017
Consort Medical participates in a further equity raise for Atlas Genetics
Use of funds include expanding manufacturing capacity of Atlas Genetics' diagnostic test cartridge at Bespak
Consort Medical plc (LSE: CSRT) ("Consort", "Consort Medical" or the "Group"), a leading, global, single source drug and delivery device company, announces that it has participated in a further equity raise by Atlas Genetics Ltd.
Following the successful CE marking for the Chlamydia trachomatis (CT) 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 (CT/NG) assay and test cartridge, which is planned for regulatory approvals in the US and Europe around the end of 2017. The equity raise also provides funding to expand manufacturing capacity at Bespak, Consort's subsidiary.
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% (13.4% on a fully diluted basis). Following the Series D funding, Consort will have invested £9.4m in Atlas.
Jonathan Glenn, Consort Medical's Chief Executive Officer, commented:
"We are delighted to participate in this further fund raise for Atlas Genetics. 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."
ENDS
Enquiries:
Consort Medical | Tel: +44 (0) 1442 867920 |
Jonathan Glenn - Chief Executive Officer | |
David Tilston - Interim Chief Financial Officer | |
FTI Consulting | Tel: +44 (0) 20 3727 1000 |
Ben Atwell / Simon Conway |
About Consort Medical plc
Consort Medical plc is a leading, global, single source pharma services drug and delivery device company. We are at the leading edge of innovation and we are committed to investing in patient, clinician and customer driven innovation to create new treatments, new markets and new opportunities.
Our businesses:
Bespak is a global market leader in the manufacture of drug delivery devices for pharmaceutical partner companies, including respiratory, nasal, injectables and ocular products, and the manufacture of devices for the point of care diagnostics market. www.bespak.com.
Aesica is a leading provider of finished dose and active pharmaceutical ingredient (API) development and manufacturing services to pharmaceutical partners. www.aesica-pharma.com.
We employ c.2000 people globally of which c.1400 are located in the UK. We have UK facilities in King's Lynn, Cambridge, Nelson, Milton Keynes, Cramlington, Queenborough and Hemel Hempstead, German facilities in Monheim and Zwickau and a facility in Pianezza, Italy. Consort Medical is a public company quoted on the premium list of the London Stock Exchange (LSE: CSRT). www.consortmedical.com.