Consort in equity raise by Atlas Genetics, funds subsidiary Bespak

Consort Medical, a single source drug and delivery device company, has participated in a further equity raise by Atlas Genetics Ltd.

Atlas Genetics has raised a series D equity issue of £28.4m to fund the development of the combined Chlamydia and Gonorrhoea (CT/NG) assay and test cartridge, which is planned for regulatory approvals in the US and Europe by the end of 2017. The money will also be used to expand manufacturing capacity at Bespak, Consort’s subsidiary, the company said.

Furthermore, 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, said:

“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.”