Nanoco Group PLC Nanoco Announces Major Milestone Payment (3060N)
08 May 2018 - 4:01PM
UK Regulatory
TIDMNANO
RNS Number : 3060N
Nanoco Group PLC
08 May 2018
This announcement contains inside information as defined in EU
Regulation No. 596/2014 and is in accordance with the Company's
obligations under Article 17 of that Regulation.
NANOCO GROUP PLC
("Nanoco" or the "Company")
Nanoco Announces Major Milestone Payment from US Partner
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other
nanomaterials, today announces that it will receive a GBP1.8
million payment from its undisclosed US-listed partner (the
"Partner") after recently completing an important milestone in the
Material Development and Supply Agreement announced in February
2018.
This milestone (the second of three) has been completed in line
with the timetable set out in the agreement and reflects rapid
progress being made. The total value of milestones in this
programme triggered to date is GBP2.6 million.
Michael Edelman, Chief Executive of Nanoco, said:
"We are pleased to achieve this key milestone for our US
Partner, which demonstrates Nanoco's ability to work with, and
rapidly meet, our partner's needs. We remain confident in meeting
our timelines to begin commercial supply and in addition,
delivering on the expansion of our US partnership recently
announced.
As previously disclosed, the Partner is funding the capital
expenditure required to expand the manufacturing capabilities of
Nanoco's existing Runcorn facility in order to supply the Partner
with commercial volumes of product. This process is already
underway, with an agreement reached in March to take over 10,000
sq. ft. of additional space in Runcorn to build a state-of-the-art
production facility in order to commence commercial supply in
January 2019.
- Ends -
For further information, please contact:
MHP Communications Tel: +44 (0) 20 3128 8570
Reg Hoare / Giles Robinson / Pete Lambie
nanoco@mhpc.com
The person responsible for arranging for the release of this
announcement on behalf of the Company is David Blain, Chief
Financial Officer.
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) harnesses the power of nano-technology to
create a brighter, more sustainable future. Based on breakthrough
science, Nanoco's proprietary manufacturing process enables the
large-scale production of its cadmium-free CFQD(R) quantum dots for
multiple applications including LCD display, lighting, healthcare,
nano-materials and solar.
Nanoco has non-exclusive manufacturing and marketing licensing
agreements in display with The Dow Chemical Company, Merck KGaA of
Germany and Wah Hong Industrial Corporation of Taiwan.
Nanoco was founded in 2001 and is headquartered in Manchester,
UK, with a US subsidiary, Nanoco Inc., in Concord, MA. Nanoco
continues to build out a world-class, patent-protected IP portfolio
generated both by its own innovation engine, as well as through
acquisition.
Nanoco is listed on the Main Market of the London Stock Exchange
and trades under the ticker symbol NANO. For further information
please visit: www.nanocogroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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