Kromek Group PLC Progress with global OEM contract (1959S)
22 September 2014 - 4:01PM
UK Regulatory
TIDMKMK
RNS Number : 1959S
Kromek Group PLC
22 September 2014
22 September 2014
Kromek Group plc
("Kromek" or the "Company")
Kromek Progresses to Second Year of Development Contract with
Global OEM in CT Medical Imaging Markets
Kromek, a radiation detection technology company focusing on the
medical, security and nuclear markets, is pleased to announce that
a top four Original Equipment Manufacturer ("OEM") in the Computed
Tomography ("CT") market has confirmed its decision to progress to
the second year of a previously announced programme with the
Company. Kromek has received a $1m exclusivity payment for the
second year.
This payment is part of a programme that comes under Kromek's
mutually exclusive development contract, worth up to $5.3m, with
the OEM for developing and supplying Cadmium Zinc Telluride ("CZT")
based multispectral (colour) detectors for producing high
resolution colour X-Ray images by CT scanners. The decision to
continue the programme for the second year was based on sustained
progress towards meeting the aims of the development programme.
Arnab Basu, CEO of Kromek, said: "We are delighted to be
progressing this project to advance colour CT imaging, which can
lead to major healthcare benefits for diagnosis and treatment of
cancers, cardiovascular diseases and other pathologies. With the
success of our collaboration, our relationship with this key OEM
partner continues to develop and grow stronger. This latest step is
a clear endorsement of our technology and our long-term strategy to
position Kromek's subcomponents at the heart of major global OEMs'
medical imaging systems to improve diagnostic capabilities,
resulting in better clinical outcomes."
This contract does not change the Company's expectations for the
year ended 30 April 2015. However, it provides further evidence of
the progress towards meeting market expectations.
Arnab Basu, CEO, and Derek Bulmer, CFO, will be hosting a
webinar today at 12pm where they will give a presentation on their
results for the year ended 30 April 2014. No additional disclosure
will be made about financials or current trading further to the
Company's announcement released on 28 August 2014. Analysts and
investors wishing to join can register at:
https://attendee.gotowebinar.com/register/5530034774550287105
Enquiries
Kromek Group plc
Arnab Basu, CEO
Derek Bulmer, CFO 01740 626 060
--------------
Panmure Gordon (Nominated Adviser and
Broker)
--------------
Freddy Crossley - Corporate Finance
Charles Leigh-Pemberton - Broking 0207 886 2500
--------------
Luther Pendragon
--------------
Harry Chathli, Claire Norbury, Alexis
Gore, Ivana Petkova 0207 618 9100
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About Kromek Group plc
Kromek Group plc is a UK technology company (global HQ in County
Durham) and a leading developer of high performance radiation
detection products based on cadmium zinc telluride ("CZT"). Using
its core CZT technology Kromek designs, develops and produces x-ray
and gamma ray imaging and radiation detection products for the
medical, security screening and nuclear markets.
The Group's products provide high resolution information on
material composition and structure and are used in multiple
applications, ranging from the identification of cancerous tissues
to hazardous materials, such as explosives, and the analysis of
radioactive materials.
Kromek uses multiple technologies in its manufacturing
processes, including the established methods of 'liquid phase'
detector production, and also 'vapour phase' production methods,
which allow the production of high quality, high performance
detectors on an industrial scale. Kromek has an intellectual
property portfolio of more than 250 pieces of IP.
The Group's business model provides a vertically integrated
technology offering to customers, from the growth of CZT crystals
to finished products or detectors, including software, electronics
and application specific integrated circuits ("ASICs").
The Board believes that the vertical integration offered by
Kromek, combined with the benefit of 25 years of research into CZT
production and the patents and trade secrets accumulated by the
Group, are unparalleled in the market place.
The Group has operations in the UK, Germany and US (California
and Pennsylvania), and is selling internationally through a
combination of distributors and direct OEM sales.
Currently, the Group has over a hundred full time employees
across its global operations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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