GHIF portfolio company Atomo Diagnostics lists on Australian Securities Exchange
The Global Health Investment Fund's (GHIF) portfolio company Atomo Diagnostics Limited (AT1) has commenced trading on the Australian Securities Exchange (ASX) following an oversubscribed initial public offering (IPO).
The Australian rapid blood test company intends to use the net proceeds from the IPO to support the planned expansion of its production capacity as the company prepares to utilise its rapid test devices to help detect Covid-19 and expand its commercial efforts for HIV and pregnancy self testing. Atomo has already entered into a binding COVID-19 supply agreement with NG Biotech, including two initial orders totalling nearly 950,000 devices, and is in active preliminary discussions with additional diagnostic companies interested in leveraging Atomo's rapid test platform for COVID-19 testing. Results from Atomo's award-winning proprietary device are obtained within 15 minutes and indicate if the person has been infected.
“Atomo has already demonstrated the transformative impact of rapid HIV detection around the world, and we’re proud to see a successful public offering and listing that will enable the firm to take quick action in applying its technology to the development of COVID-19 test devices,” says Curt LaBelle, Managing Partner at GHIF and board member of Atomo. “This is a major milestone for Atomo as it continues to take a leadership position in diagnostic testing to help reduce stress on healthcare systems and increase patient access worldwide.”
Atomo co-founder and CEO John Kelly says: “With the proceeds from our oversubscribed public offering, we’re eager to join the fight against coronavirus and we will continue to explore additional partnerships for further commercialisation of COVID-19 tests using Atomo's rapid test devices. We’re honored to have the continued support from Curt and the GHIF team, without whom we wouldn’t have been able to achieve the incredible growth and progress we’ve made over the years.”
“It is with the strong support and powerful insights of Curt and GHIF that we have been able to develop rapid test devices for widespread use in developing countries,” says John Keith, Chairman of Atomo. “Atomo’s ongoing presence in the global health market is led by product innovation and partnering, and so continues our efforts to deliver value to our shareholders.”
GHIF initially invested in Atomo Diagnostics in 2016 to support the scale-up of production operations and the expansion of commercial activities for its rapid diagnostic test platform.