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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
Moti Nagar, Chief Financial Officer
+972 9866 2525
Shore Capital
Mark Percy, Anita Ghanekar
+44 20 7408 4050
Luther Pendragon
Harry Chathli, Claire Norbury
+44 20 7618 9100
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