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Receipt of $14.5m investment in Ador Diagnostics

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RNS Number : 2141V
BATM Advanced Communications Ld
05 April 2019
 

LEI: 213800FLQUB9J289RU66

 

5 April 2019

 

BATM Advanced Communications Limited

("BATM" or "the Group")

 

Receipt of $14.5m investment in Ador Diagnostics

First instalment under Investment Agreement to advance molecular diagnostics solution

                                                                                                                                     

Further to the announcement of 28 January 2019, BATM Advanced Communications Limited (LSE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, is pleased to announce the completion of the initial investment of $14.5m ("Initial Investment") under the conditional subscription and shareholders' agreement (the "Investment Agreement") for up to $30m to provide additional funds for the commercialisation of the molecular biology-based solutions being developed by Ador Diagnostics.

 

Pursuant to the Investment Agreement, following the Initial Investment, Ador Diagnostics has an enterprise value of $44.5m and BATM has an ownership interest of 38.2%.

 

A further $15.5m (at a valuation that will be a 33.3% premium to the post-Initial Investment enterprise valuation) is expected to be funded by the end of 2020, subject to certain milestones being achieved.

 

Dr Zvi Marom, Chief Executive Officer of BATM, said: "We are delighted to have received the Initial Investment to accelerate the commercialisation of our breakthrough NATlab system, which we believe will revolutionise the point-of-care medical diagnostics industry. Since signing the Investment Agreement, we have continued to make progress in our final preparations ahead of in-hospital installation. We are very excited about the tremendous potential of this unique molecular biology-based diagnostics solution."

 

 

Enquiries:

 

BATM Advanced Communications


Dr. Zvi Marom, Chief Executive Officer

+972 9866 2525

Moti Nagar, Chief Financial Officer




Shore Capital Stockbrokers Limited (Broker to the Group)


Mark Percy, Anita Ghanekar

+44 20 7408 4050



SPARK Advisory Partners Limited (Financial Adviser to the Group)


Mark Brady, Andrew Emmott

+44 20 3368 3550



Luther Pendragon (Financial PR)


Harry Chathli, Claire Norbury, Joe Quinlan

+44 20 7618 9100

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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