BATM Advanced Communications Ld Receipt of $14.5m investment in Ador Diagnostics (2141V)
05 April 2019 - 5:00PM
UK Regulatory
TIDMBVC
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)
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+44 20 7408
Mark Percy, Anita Ghanekar 4050
---------------
SPARK Advisory Partners Limited (Financial Adviser
to the Group)
---------------
+44 20 3368
Mark Brady, Andrew Emmott 3550
---------------
Luther Pendragon (Financial PR)
---------------
+44 20 7618
Harry Chathli, Claire Norbury, Joe Quinlan 9100
---------------
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END
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