Breakthrough Victoria announces investment in Atmo Biosciences to help people with gut disorders
September 25, 2023.
Breakthrough Victoria today announced it has invested in Atmo Biosciences to support the commercialization of the company’s world-first ingestible gas-sensing capsule that can help diagnose functional gastrointestinal disorders (FGIDs), which affect almost 40 per cent of Australians1.
Breakthrough Victoria is an independent investment company established in 2021 to manage the Victorian State Government’s A$2 billion Breakthrough Victoria Fund. It invests in innovation for impact, supporting companies to commercialize breakthrough innovation that will improve people’s lives and benefit the state of Victoria.
Atmo Biosciences has created a gas-sensing capsule the size of a vitamin pill that when swallowed, can provide insights into gastrointestinal health and microbiome function by detecting gases at the source of production in real-time from known locations within the gut.
Atmo’s first clinical application is a diagnostic tool for motility disorders (where food or waste doesn’t move properly through the digestive system), with a pivotal clinical study currently underway in Australia and the United States.
Atmo Biosciences CEO Malcolm Hebblewhite said he was delighted to welcome Breakthrough Victoria as a long term, strategic investor.
“Breakthrough Victoria invests in innovations with the potential to generate commercial returns and make a positive difference in people’s lives – which makes them a great fit with Atmo,” Mr. Hebblewhite said.
“This is a very exciting time for Atmo as we progress towards market entry with our first product to evaluate motility disorders, and prepare to launch a Series C investment round to support U.S. market entry and scale up our manufacturing capability to meet expected demand for the product.”
Breakthrough Victoria CEO Grant Dooley commented: “Atmo’s gas-sensing capsule is a world-first innovation developed and manufactured in Victoria with the potential to help millions of people suffering gut disorders around the world.”
“We’re excited to invest in Atmo during such an important stage of growth, including a pivotal clinical study, ramp up of manufacturing and new investment round. The company has enormous potential for growth at a global scale and we look forward to working with them to help achieve these goals.”
Breakthrough Victoria is investing in Atmo via a share purchase from Atmo’s original investor Planet Innovation. The investment follows Atmo’s successful Series B investment round, which closed in February 2023.
1.Sperber AD, Bangdiwala SI, Drossman DA, Ghoshal US, Simren M, Tack J, et al. Worldwide prevalence and burden of Functional Gastrointestinal Disorders, results of Rome Foundation global study. Gastroenterology. 2020 April 12; 160:99-114. DOI:href=”https://doi.org/10.1053/j.gastro.2020.04.014″>1053/j.gastro.2020.04.014.