Kromek Awarded GBP1.4 Million UK Grant For Cancer Detection Project

LONDON (Alliance News) - Kromek Group PLC said Monday it has been granted an award worth GBP1.4 ...

Alliance News 23 April, 2018 | 11:21AM
Email Form

LONDON (Alliance News) - Kromek Group PLC said Monday it has been granted an award worth GBP1.4 million by the UK government to develop a breast imaging technology based on its radiation detection cameras.

Kromek was awarded the GBP1.4 million three-year grant by Innovate UK in partnership with the Newcastle-upon-Tyne Hospitals NHS Foundation Trust.

The grant will see it develop a low dose molecular breast imaging technology based on its CZT-based SPECT or single photon emission computed tomography - cameras.

For the year ended April 2017, Kromek generated a GBP3.8 million pretax loss on revenue of GBP9.0 million.

The first phase of the project will see it develop molecular breast imaging technology which can operate with a lower dose of radiation.

The current x-ray mammography technique only works when there is a significant difference between the density of cancer tumours and the surrounding breast tissue. Over a third of women, however, have breast tissue which is dense enough to prevent clear imaging of tumours.

"This project is further evidence that CZT-based detectors are becoming a core technology in replacing legacy diagnostic products across the medical imaging sector," Chief Executive Arnab Basu said.

"Our innovative SPECT detectors are capable of significantly lowering radiation doses, thereby offering cost savings for health services and, crucially, making enhanced detection and early diagnosis of breast cancer accessible on a much wider scale. We look forward to collaborating with Newcastle-upon-Tyne Hospitals NHS Foundation Trust as well as our OEM partner to carry out this vital work."

Shares in Kromek were 2.8% higher at 22.15 pence on Monday.

By Ahren Lester;

Copyright 2018 Alliance News Limited. All Rights Reserved.

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Kromek Group PLC 28.00 GBX -3.28 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.