The top lieutenant at the Bill & Melinda Gates Foundation’s...

The top lieutenant at the Bill & Melinda Gates Foundation’s global health fund is joining the board of Australia’s Atomo Diagnostics after the fund took an equity position in the medical device company.

Atomo, which has developed a rapid blood test for infectious and chronic diseases, had previously received a $US6 million ($8.3m) loan from the Global Health Investment Fund, set up by the Gates Foundation and JPMorgan. But the fund has now gone a step further with an equity stake and a board seat at the Sydney-based company.

“We believe this is a company that can have a major impact, and it will be something Australia will be extremely proud of,” said GHIF president Curt LaBelle, who will join Atomo board.

Atomo chief executive John Kelly said having the head of the GHIF on the board of a “relatively small” Australian company was a huge tick of confidence and credibility for Atomo.

“It’s a real tick of approval that the technology has significant momentum behind it,” he said.

“These guys are prepared to not only loan us money but invest in the business and come on the board. That is incredibly powerful for a company like us that is trying to grow internationally.”

Billionaire developer Lang Walker is also a significant backer, with a 27 per cent stake.

Mr Walker said he was pleased to see the business moving closer to realising its “significant” commercial value and the full potential of its innovative rapid diagnostic testing solutions.

“Atomo is an excellent example of Australian innovation that will help transform the health and lives of millions of people in both the developing world and developed markets,” Mr Walker said.

Set up in 2010, Atomo has developed a simple-to-use test for HIV, malaria and ebola that given its low cost and design are suited to the developing world.

It plans to launch an at-home HIV test in Africa later this year and then in Australia next year.

The company, which developed its technology in Australia, has also just received a federal government grant of $1.2m to develop the world’s first combination device to test for mosquito-borne viral diseases dengue fever and chikungunya.


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