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BATM Agrees USD450,000 Investment In Opticul Diagnostics

LONDON (Alliance News) - BATM Advanced Communications Ltd said Monday that it had agreed to ...

Alliance News 8 September, 2014 | 10:34AM
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LONDON (Alliance News) - BATM Advanced Communications Ltd said Monday that it had agreed to invest up to USD450,000 in in vitro diagnostic device company Opticul Diagnostics.

Opticul has developed a process for rapid diagnosis of micro-organisms using photonic laser technologies, applied through its Optidet device. Under the agreement BATM and Opticul will conduct joint research and development in the US and Israel to develop and launch the next prototype of Optidet.

USD200,000 of the investment will be paid upfront in cash, and the remainder on the achievement of milestones, said the company.

BATM will own 20% of Opticul Diagnostics, and has also been given exclusive rights to distribute the new device in China and Russia. Semi-commercial prototypes are expected to be launched in late 2015, with full commercialisation scheduled for 2016, starting with the US.

Opticul has already received regulatory approval from the US Food and Drug Administration for an early prototype of the product, and is currently seeking approval for prototype 2.1. Opticul has also filed 10 patents in the US and worldwide.

The two companies have cooperated over the last two years, BATM said.

"This investment is complementary to our diagnostics business and adds another technology offering to our portfolio," said Chief Executive Zvi Marom in a statement.

Shares in BATM were trading up 2.1% at 16.58 pence per share.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

Copyright 2014 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
BATM Advanced Communications Ltd 42.00 GBX -0.24 -

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