NEW YORK, April 16, 2020 /PRNewswire/ -- The Global Health Investment Fund (GHIF) announced today that its portfolio company Atomo Diagnostics Limited (ASX: 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 utilize 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 totaling 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," said 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 said, "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," said 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.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About The Global Health Investment Fund
GHIF is a social impact investment fund structured by JPMorgan Chase & Co. and the Bill & Melinda Gates Foundation. With an emphasis on late-stage projects, GHIF finances the development of drugs, vaccines, devices, and diagnostics for diseases that disproportionately burden low-income populations. Key global health challenges targeted by the fund include malaria, tuberculosis, HIV/AIDS, cholera, and preventable causes of maternal and infant mortality, in addition to other neglected infectious diseases. GHIF's definition of success requires meaningful improvements in the lives of those afflicted by these challenges, and the fund forecasts and measures its progress against this objective alongside traditional financial return benchmarks. For additional information about GHIF, please visit ghif.com.
Atomo Diagnostics is a world leader in medical device design and development, based in Sydney, Australia. The company specialises in creating integrated rapid diagnostic test (RDT) platforms for blood-based testing. The recipient of multiple international awards for innovation, Atomo's all-in-one AtomoRapid™ handheld devices make it easy to test and screen for a range of infectious diseases and chronic conditions. Unlike standard, multi-component rapid test kits, AtomoRapid™ platforms integrate features and functionality, including built-in sterile safety lancets, calibrated blood collection systems, and unique buffer delivery mechanisms.
As well as commercialising products in its own brand, Atomo provides OEM product development services to specialist diagnostic companies worldwide.
To find out more, visit: http://atomodiagnostics.com/
Shree Dhond/Jansel Murad
Dukas Linden PR
SOURCE Global Health Investment Fund