Consort Medical makes further investment in Atlas Genetics
Consort's recent investment in Atlas Genetics has now been supplemented by a consortium of new investors.
The consortium - which includes Novartis Venture Funds; a major healthcare company; BB Biotech Ventures; LSP (Life Science Partners) and Consort Medical - will invest up to a maximum of £16.9m over three years.
The first tranche has been invested upon completion, of which Consort Medical's share is £1.3m, inclusive of the £0.4m outstanding as a commitment from the previous investment round.
Consort has also acquired a small number of shares from existing investors.
The new investment will provide funding to accelerate the global launch of the current product for chlamydia and gonorrhoea and allow parallel development of the Velox testing system for other targets including hospital acquired infections and meningitis.
At 8:25am: [LON:CSRT] share price was +0.75p at 535.25p
Story provided by StockMarketWire.com