Last checked at 23 Oct 2023 07:00
LEI: 213800FLQUB9J289RU66
23 October 2023
BATM Advanced Communications Limited
("BATM" or the "Group")
ADOR Diagnostics secures $7.5m investment
BATM Advanced Communications Limited (LSE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, announces that ADOR Diagnostics Ltd ("ADOR"), an associate company of the Group, has secured an investment of $7.5m, of which the Group is contributing $3.5m. Half of the investment is being made on the signing of the investment agreement and the remainder will be paid on the completion of milestones over the next six months. Following this investment, the Group's shareholding in ADOR will increase to 43.6%.
ADOR, a disruptive molecular diagnostics company, is developing the advanced NATlab molecular biology platform that uses a novel isothermal rolling circle amplification method for syndromic multiplex diagnostics, with a focus on infectious disease. This sample-to-answer solution is designed to provide rapid and accurate results, enabling exact pathogen detection and timely treatment. R&D continues to progress and pre-clinical trials are underway with a hospital. With 11 patents issued in the US and 8 internationally with others pending, the Group expects the total addressable market for NATlab to grow to $15.8bn by 2025.
Moti Nagar, CEO of BATM, said: "We are very excited about the groundbreaking potential of ADOR, which has a technology that is set to truly disrupt the molecular diagnostics market - and is backed by a strong and growing international patent portfolio. This investment, supported by our vast experience of transforming IP into market-ready products, will advance the development of ADOR towards what we believe will be a significant value creation opportunity for BATM. We look forward to reporting on ADOR's progress."
Enquiries
BATM Advanced Communications | |
Moti Nagar, Chief Executive Officer | +972 9866 2525 |
Ran Noy, Chief Financial Officer | |
Shore Capital | |
Mark Percy, Anita Ghanekar, James Thomas (Corporate Advisory) | +44 20 7408 4050 |
Gracechurch Group | |
Harry Chathli, Claire Norbury | +44 20 4582 3500 |
Forward-looking statements
This document contains forward-looking statements. Those statements reflect the current opinions, evaluations and estimations of the Group's management, and are based on the current data regarding the Group's business as is detailed in this document and in the Group's periodical, interim and immediate reports. The Group does not undertake any obligation or make any representation that actual results and events will be in line with those statements, and stresses that they may differ materially from those statements, due to changes in the Group's business, market, competition, demand for the Group's products or services, general economic factors or other factors that can influence the Group's business and results, due to the risk factors that are detailed in the Group's Annual Report, and due to information and factors that are currently unknown to the Group's management and that, if known, would affect the management's opinions, evaluations or estimations. The Group will report the actual results and events according to its legal, accounting and regulatory obligations, and does not undertake any other obligation to report them or their deviations from the forward-looking statements, or to update any of the forward-looking statements in this document or to report that it is not valid anymore.