LONDON, UK: BATM Advanced Communications Limited (LSE: BVC) announced that ADOR Diagnostics Ltd, an associate company of the Group, has secured an investment of $7.5m, of which the Group is contributing $3.5m.
Half of the investment is being made on the signing of the investment agreement and the remainder will be paid on the completion of milestones over the next six months. Following this investment, the Group’s shareholding in ADOR will increase to 43.6%.
ADOR, a disruptive molecular diagnostics company, is developing the advanced NATlab molecular biology platform that uses a novel isothermal rolling circle amplification method for syndromic multiplex diagnostics, with a focus on infectious disease. This sample-to-answer solution is designed to provide rapid and accurate results, enabling exact pathogen detection and timely treatment. R&D continues to progress and pre-clinical trials are underway with a hospital. With 11 patents issued in the US and 8 internationally with others pending, the Group expects the total addressable market for NATlab to grow to $15.8bn by 2025.
Moti Nagar, CEO of BATM, said: “We are very excited about the groundbreaking potential of ADOR, which has a technology that is set to truly disrupt the molecular diagnostics market – and is backed by a strong and growing international patent portfolio. This investment, supported by our vast experience of transforming IP into market-ready products, will advance the development of ADOR towards what we believe will be a significant value creation opportunity for BATM. We look forward to reporting on ADOR’s progress.”
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