An investment fund backed by Microsoft founder Bill Gates has taken a multimillion dollar stake in associate Australian biotech start-up. Atomo medical specialty has fabricated fast, low cost and correct tests for HIV, protozoal infection and Ebola.
Global Health Investment Fund purchased associate 8.4% stake within the medical company for concerning A$3.3m (£1.9m, $2.5m). The fund, a venture between the Gates Foundation and JPMorgan, finances initiatives that profit world health.
The United States fund focuses on infectious diseases that embody protozoal infection, pre-eclampsia, epidemic cholera and onchocerciasis. Atomo's valuation once the most recent spherical of investment is around A$30m.
Other major investors within the company embody Macquarie group chief govt Allan moss and rich person property developer Lang Walker. A voice for the medical device company said that it was one of the few teams the Gates-backed fund had invested in directly. "Their focus is on the developing world - that is why Atomo caught their attention," a corporation voice aforementioned.
"The company has determined to specialise in some of the largest world diseases like HIV and malaria." It will still specialise in easy and correct medical testing devices to treat world diseases. "The focus for consequent twelve months is to launch a fast home blood test for HIV in African nation," the spokesman said.
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