BATM Advanced Communications (LON:BVC) delivered a double dose of good news to the market this morning.
Along with formalising the commercial phase for a state-of-the-art diagnostic, it announced the US$1mln extension to the cyber security contract.
The former first: it has set up a joint company with Netherlands-based Gamida for Life to bring NATExpert to the market.
The new system is able to test single samples for a “multitude of diseases”.
It is fast, easy to use and, crucially, low cost.
Gamida and BATM are creating a joint company called Ador to “progress the development and marketing” of a unique molecular diagnostics system.
The firms will each plough in US$1.5mln in stages to fund Ador’s progression.
BATM chief Zvi Marom said: “In the diagnostics field, we are winning contracts, and being asked to partner with leading players, because we have the competitive advantage by offering smaller, more advanced diagnostics machines that provide faster, comprehensive and more cost effective results than what currently exist in the market.
“We look forward to developing more products based on this patented technology and to updating the market in due course.”
Separately, the company said the group has received a total of US$4.7mln under the terms of cyber security deal struck with an unnamed government defence agency after the latest extension.
In all it expects the deal to be worth as much as US$10mln by 2017.