01 Apr Atomo secures significant European sales agreement and announces the early close of its oversubscribed $30 million Initial Public Offer
Atomo Diagnostics announced today that it has entered into a binding supply agreement with French diagnostics company, NG Biotech, SAS (NG Biotech), for the supply of Atomo’s integrated blood test devices to NG Biotech to use for its blood-based rapid test to detect COVID-19.
Under the agreement with NG Biotech – an existing customer of Atomo – the initial order is for 397,200 devices and the agreement provides NG Biotech with the right to purchase up to a total of 2.465 million devices during calendar year 2020. In addition, Atomo and NG Biotech intend to enter into a binding purchase agreement for the ongoing supply of Atomo products beyond 2020.
The sales agreement comes as Atomo announces the early close of its oversubscribed $30 million Initial Public Offer at 20 cents per share. The Company intends to list on the Australian Securities Exchange in mid-April 2020. Funds from the IPO will be used to accelerate the planned expansion of its production capacity to meet the anticipated ongoing demand for its test devices to deliver COVID-19 tests.