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Allan Moss backs biotech Atomo

medical health devicesOne of Australia’s richest men, former Macquarie Group CEO and Reserve Bank board member Allan Moss, has backed health devices developer Atomo Diagnostics in its new equity raising.

Atomo, which is not listed on the share market, said that it had raised $4.5 million from professional investors, including the New York-based Global Health Investment Fund (GHIF) and a company associated with Moss.

Atomo, which was established in 2010, has developed a platform aimed at enabling quick and affordable point-of-care and consumer diagnostics.

“Atomo has developed a remarkably user-friendly and accurate testing device which has the potential to assist greatly in detecting HIV and other diseases in Africa and globally,” Moss said in a statement.

Atomo boss John Kelly said a listing of Atomo on the share market was a possibility.

“We set up the business to deliver returns to shareholders and a listing is one of the potential ways to do that,” Kelly told AAP.

“Obviously we are mindful that our technology is quite disruptive and could be worth a lot of money to a larger company that wants to upgrade their technology.

Moss joins billionaire property developer Lang Walker as a shareholder in Sydney-based Atomo. His stake amounts to about three per cent of Atomo. Lang Walker, an early investor in Atomo, holds about 23 per cent.

Atomo’s valuation after the latest equity raising is around $30 million.

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