BATM Advanced Communications Ld Receipt of $14.5m investment in Ador Diagnostics (2141V)

TIDMBVC

RNS Number : 2141V

BATM Advanced Communications Ld

05 April 2019

LEI: 213800FLQUB9J289RU66

5 April 2019

BATM Advanced Communications Limited

("BATM" or "the Group")

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                [phone] 
                                                      --------------- 
 Moti Nagar, Chief Financial Officer 
                                                      --------------- 
 
 Shore Capital Stockbrokers Limited (Broker to 
  the Group) 
                                                      --------------- 
                                                       [phone] 
 Mark Percy, Anita Ghanekar                             4050 
                                                      --------------- 
 
 SPARK Advisory Partners Limited (Financial Adviser 
  to the Group) 
                                                      --------------- 
                                                       [phone] 
 Mark Brady, Andrew Emmott                              3550 
                                                      --------------- 
 
 Luther Pendragon (Financial PR) 
                                                      --------------- 
                                                       [phone] 
 Harry Chathli, Claire Norbury, Joe Quinlan             9100 
                                                      --------------- 
 

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April 05, 2019 02:00 ET (06:00 GMT)