Business
Receipt of $14.5m investment in Ador Diagnostics
Receipt of $14.5m investment in Ador Diagnostics.
About this update from Batm Advanced Communications Ltd.
[{"type":"text","content":"\n \nRNS Number : 2141V BATM Advanced Communications Ld 05 April 2019 \n\nLEI: 213800FLQUB9J289RU66\n \n5 April 2019\n \nBATM Advanced Communications Limited\n(\"BATM\" or \"the Group\")\n \nReceipt of $14.5m investment in Ador Diagnostics\nFirst instalment under Investment Agreement to advance molecular diagnostics solution\n \nFurther 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.\n \nPursuant 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%.\n \nA 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.\n \nDr 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...