BATM Advanced Communications Ld ADOR Diagnostics secures $7.5m investment (8845Q)
23 Ottobre 2023 - 8:04AM
UK Regulatory
TIDMBVC
RNS Number : 8845Q
BATM Advanced Communications Ld
23 October 2023
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.
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