Last checked at 31 Jan 2022 07:00
LEI: 213800FLQUB9J289RU66
31 January 2022
BATM Advanced Communications Limited
("BATM" or "the Group")
Update on Ador Diagnostics
BATM (LSE: BVC; TASE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, is pleased to provide an update on progress with its associate company, Ador Diagnostics Ltd ("Ador"), and BATM's participation in a $10m follow-on investment into Ador.
Ador is developing the advanced NATlab molecular biology solution that provides rapid sample-to-answer isothermal diagnosis of bacterial, viral or fungal infections using DNA or RNA sampling. Diagnostic molecular biology is the fastest growing area of laboratory medicine, and the Directors believe that it has the potential to have a major impact on the way infectious disease diagnosis and fast treatment is initiated.
Ador progress in the past 12 months
· Successful completion of clinical trial of meningitis diagnostics panel;
· Development of the RCA (isothermal) protocol, which has been finalised and tested resulting in biology R&D risk being reduced to a minimum;
· Patents have continued to be submitted in the United States; and
· Alongside BATM's Adaltis subsidiary, Ador entered into a partnership with the Stop TB Partnership, Heidelberg University and the "Find" programme. Products under this programme are going through the testing phase and the Group expects substantial-scale commercial testing next year.
Investment into Ador
Further to the announcement of 15 December 2020, the Group and its partners in Ador have invested an additional amount of $10m, of which the Group has contributed $4m. Following this additional investment, the Group's shareholding in Ador will be 37.21% (compared with 36.7% in December 2020).
The additional investment will be used to prepare Ador for the pre-production stage, register additional patents (mainly in the USA), progress development of more disease panels and certifications, and increase the co-operation with international bodies including the WHO.
Dr Zvi Marom, CEO of BATM, said: "We are pleased at the progress Ador is making. I am confident that we are paving a new path to diagnose infectious diseases. This investment will enable us to prepare Ador for the pre-production stage and move it towards becoming a commercial clinical solution.
"The pandemic has demonstrated that viral, microbial or pathogenic diseases continue to be a very real threat to all aspects of our life. There is a great need to gain a better understanding of how structural variations in DNA and RNA are associated with the development of infectious diseases, whether acute or chronic, and to develop fast diagnostics that can be operational at both the point of care and in labs that enable appropriate and immediate treatment. We look forward to the next phase of development in Ador."
Enquiries:
BATM Advanced Communications |
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Dr Zvi Marom, Chief Executive Officer | +972 9866 2525 |
Moti Nagar, Chief Financial Officer |
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Shore Capital |
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Mark Percy, Anita Ghanekar, James Thomas (Corporate Advisory) Henry Willcocks (Corporate Broking) | +44 20 7408 4050 |
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Luther Pendragon |
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Harry Chathli, Claire Norbury | +44 20 7618 9100 |
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, 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.