Atlas Genetics Ltd Completes £16.9 Million Series B Financing led by Novartis Venture Funds

BRISTOL, England, July 20, 2011 -

Funds to Accelerate Launch of Velox™
Point-of-care Test for Chlamydia and Gonorrhoea

Atlas Genetics Ltd (”Atlas” or the “Company”), a diagnostic
company developing ultra-rapid point-of-care tests for a range of
infectious diseases, announces that it has raised £16.9 million
from a syndicate of new and existing investors led by Novartis
Venture Funds, and Consort Medical plc.

The new investors in this series B financing are Novartis
Venture Funds, LSP (Life Sciences Partners), BB Biotech Ventures
and Johnson & Johnson Development Corporation.

The £16.9 million investment, which will be drawn down over
three years, will be used to accelerate the global launch of the
Velox™ point-of-care products for Chlamydia and gonorrhoea. It will
also be used for the development of other infectious disease tests
and expand the immunoassay capability of the Velox™ system.
 

Velox™ is a highly novel molecular diagnostic system for the
ultra-rapid diagnosis of a broad range of infectious diseases using
either nucleic acid or immuno-assays. It is based on a
patent-protected electrochemical sensor that combines speed and
accuracy.

The Velox™ system will make it possible, for the first time, to
carry out infectious disease tests in primary care clinics and GP
surgeries that are as accurate as those carried out in hospital
laboratories. This will help clinicians commence treatment promptly
and ensure much improved compliance, particularly in the area of
sexually transmitted diseases where a significant proportion of
patients fail to return for test results or follow on
treatment.

The newly announced financing follows a £1.5 million round in
February 2011 supported by Consort Medical plc and other investors.
The Company has been funded previously, and continues to be
supported, by YFM Equity Partners, Braveheart Investment Group,
Wyvern Asset Management, the Crescent Seedcorn Fund and private
investors.

Dr John Clarkson, Chief Executive Officer of Atlas, commented:
“We are delighted to welcome the new investors at this exciting
time when the Company’s first product, a test for the sexually
transmitted disease Chlamydia, is being transferred to manufacture
and the core capabilities of the sensor chemistry are being
expanded. This investment syndicate led by Novartis Venture Funds
brings a wealth of experience in the healthcare sector and an
extensive network of contacts in the diagnostics industry.”

Florent Gros, Managing Director, Novartis Venture Funds,
commented: “Dr Clarkson and his team have accomplished quite an
astonishing technical feat. We have searched hard and long for
novel molecular diagnostic technologies and the Velox™ platform is
a very ingenious solution to the key issues that have hindered the
development of ultra rapid and highly sensitive point-of-care
molecular diagnostic instrumentation. Combined with the ability to
make immunoassay tests this makes for a diversified all-in-one
diagnostic platform that will be commercialized around the end of
2012.  We are very excited by the Company’s
prospects.”

Contact details:

Atlas Genetics Ltd:
John Clarkson
Tel +44(0)1225-717930

Financial Dynamics:
Jonathan Birt / Ben Atwell / Mo Noonan
Tel: +44(0)207-831-3113

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