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  5. Avingtrans unit Magnetica names Televere as US distributor

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Share Price Information for Avingtrans (AVG)

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Share Price: 425.00
Bid: 420.00
Ask: 430.00
Change: -1.00 (-0.23%)
Spread: 10.00 (2.381%)
Open: 424.00
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Avingtrans unit Magnetica names Televere as US distributor

Mon, 04th Dec 2023 10:39

(Alliance News) - Avingtrans PLC on Monday said its Magnetica Ltd subsidiary has appointed a US distributor, aiding its expansion in the nation.

Avingtrans, which designs and supplies components and services to the energy, medical and industrial sectors said the deal with Televere Systems LLC is a "significant" in Magnetica's US expansion goal.

Magnetica, a developer of MRI systems and technologies, is eyeing US Food & Drug Administration clearance for a key product.

"Magnetica is developing state-of-the-art technology using ultra-compact superconducting magnets in an MRI technology that will operate without liquid helium. Magnetica plans to seek FDA clearance for the product by mid-2024," Avingtrans said.

Avingtrans shares rose 0.9% to 383.25 pence each in London on Monday morning.

By Hugh Cameron, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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