SYDNEY, Australia, 7 February 2017: Medical device innovator Atomo Diagnostics today announced it had received US$1 million (A$1.31 million, C$1.32 million) in financing from Grand Challenges Canada to support its continued business operations.
Funded by the Government of Canada, Grand Challenges Canada is dedicated to supporting Bold Ideas with Big Impact® in global health. Grand Challenges Canada is a limited investment partner in the Global Health Investment Fund (GHIF), which has already made two prior financial investments in Atomo over the last year.
The investment, by way of loan is on similar terms to an earlier loan from GHIF for US$6 million which closed in December 2015. This follow on commitment from Grand Challenges Canada varies from the original loan in that the Grand Challenges Canada loan can be converted, at Atomo’s election, to equity (B Class shares) similar in term to the B Class share raise led by GHIF which closed in July 2016.
Atomo Diagnostics Chairman John Keith said, “We are delighted to welcome Grand Challenges Canada in supporting Atomo’s continued global growth. Grand Challenges Canada’s presence adds to the strength of our key stakeholders committed to delivering more effective diagnostics where these are most needed, and is further increased international recognition of Atomo’s commercial potential”.
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About Atomo Diagnostics
Atomo Diagnostics is an innovative medical device design and manufacturing company based in Sydney, Australia, with corporate offices in South Africa and the UK. The company specializes in the commercialization of rapid diagnostic test (RDT) solutions that use capillary blood. Its user-centric approach to development, has led Atomo to create a range of award winning solutions that are simpler and safer to use, and so help to prevent common user errors and the misdiagnosis of diseases. Atomo’s convenient integrated all-in-one devices put the user first, and make it easy to screen for a range of infectious diseases and chronic conditions in the field and in the home. Its flagship product AtomoRapid HIV 1&2 is a rapid HIV screening test sold primiarily in Southern Africa for use by healthcare workers requiring safety and reliability when testing in the field.
www.atomodiagnostics.com
