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7.90 -0.45 (-5.45%)

Bid:

7.50

Ask:

8.30

Spread: 0.80 (10.667%)

Market Cap: £51.11m

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Kromek Gets USD1 Million Payment As Development Programme Progresses

Mon, 22nd Sep 2014 08:28

LONDON (Alliance News) - Kromek Group PLC Monday said it has received a USD1 million exclusivity payment after one of its computed tomography manufacturer partners decided to progress with the second year of a previously-announced development programme with the company.

The radiation detection company has a mutually exclusive development programme with the manufacturer, that is worth up to USD5.3 million, to develop and supply Cadmium Zinc Telluride-based multispectral detectors for producing high resolution colour X-Ray images by CT scanners.

"We are delighted to be progressing this project to advance colour CT imaging, which can lead to major healthcare benefits for diagnosis and treatment of cancers, cardiovascular diseases and other pathologies," Kromek Chief Executive Arnab Basu said in a statement.

Kromek said the contract does not change its expectations for the current financial year ending April 30. "However, it provides further evidence of the progress towards meeting market expectations," it said.

Kromek shares were up 3.4% at 46.00 pence Monday morning.

By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1