NEW YORK (360Dx) – Australian firm Atomo Diagnostics said today it has received a US$1 million loan from Grand Challenges Canada to support the firm's business.
Grand Challenges Canada is funded by the Canadian government and supports initiatives aimed at improving global health. It is a limited investment partner in the Global Health Investment Fund, which previously made two investments in Atomo during the past year.
The loan announced today has similar terms to an earlier $6 million loan from GHIF, which closed in December 2015. It can be converted at Atomo's discretion to class B shares on terms similar to the B class share raise by GHIF, which closed in July 2016, Atomo said.
Atomo commercializes rapid diagnostic test solutions using capillary blood. Its flagship product is the AtomoRapid HIV 1&2 rapid screening test, sold primarily in South Africa.