11 Aug PRESS RELEASE: Atomo Diagnostics secures $4.5 million in funding from New York-based Global Health Investment Fund and former Macquarie Group CEO Allan Moss
SYDNEY, Australia 11 August 2016 | Medical device innovator Atomo Diagnostics today announced it had raised A$4.5 million in new equity funding from a number of professional investors including the New York-based Global Health Investment Fund (GHIF), as well as a company associated with former Managing Director and CEO of Macquarie Group Limited, Mr. Allan Moss AO.
The new investment follows receipt of a US$6 million (A$7.8 million) loan to Atomo by GHIF in January this year. The latest investment will also see Global Health Investment Fund Managing Partner Dr. Curt LaBelle join the Atomo board.
Dr. LaBelle said “Our fund is pleased to provide additional support to Atomo Diagnostics through this equity investment. Atomo has developed a unique platform enabling quick, accurate and affordable point-of-care and consumer diagnostics. These solutions reduce error rates and improve care and have significant commercial potential in both the developing world and in developed healthcare markets”.
Former Macquarie Group Limited Managing Director and CEO Allan Moss is an active investor in the medical device sector and emerging disruptive global technologies.
Mr. Moss said, “Atomo has developed a remarkably user-friendly and accurate testing device which has the potential to assist greatly in detecting HIV and other diseases in Africa and globally.”
Atomo Diagnostics Chairman John Keith said “We are delighted GHIF is now a shareholder. We welcome them to the Board and look forward to working to further expand Atomo’s presence in the global health market.”
In the past 12 months Atomo has also secured grant funding to commercialise various tests using its technology, including a grant from the NSW Medical Devices Fund for a digital HIV Self-Test and a grant from the Australian Commonwealth for a range of tropical fever tests.
Atomo offers its user-friendly technology to other diagnostic companies looking to provide their customers with improved usability and safety and has secured a number of European customers.
For more information, please contact:
John Kelly (CEO)
Tel: +61 (2) 9099 4750
Tim Allerton or Andrew Geddes
Tel: +61 (2) 9267 4511
Atomo Diagnostics is commercialising a range of innovative and easy to use rapid diagnostic devices and services that deliver clinical and economic value to healthcare consumers and providers globally. The company was established to create healthcare solutions that improve levels of convenience, simplicity and user experience. Atomo Diagnostics is based in Sydney, Australia, with corporate offices in South Africa and the UK. The company is led by an experienced team with track records of success commercialising healthcare products that transform and improve clinical outcomes for a range of unmet medical needs.
About Global Health Investment Fund I, LLC:
GHIF is a private investment fund structured by JPMorgan Chase & Co and the Bill & Melinda Gates Foundation. The fund received anchor support from Grand Challenges Canada (funded by the Government of Canada), the German Ministry for Economic Cooperation and Development (acting through KfW), the Swedish International Development Cooperation Agency and the Children’s Investment Fund Foundation. The fund’s limited partners also include AXA, GlaxoSmithKline, International Finance Corporation, JPMorgan Chase & Co., Merck, Pfizer Foundation, Storebrand and individual investors. With an emphasis on late-stage projects, GHIF finances the development of drugs, vaccines and diagnostics for diseases that disproportionately burden low-income populations. Much like a traditional investment fund, GHIF searches for opportunities that will deliver compelling financial returns in developed markets and/or emerging markets. Of equal importance, each investment must also advance the fund’s public health mission, which is to ensure that the innovations it supports are accessible to those who need them most in underserved markets.