Avingtrans unit Magnetica names Televere as US distributor

(Alliance News) - Avingtrans PLC on Monday said its Magnetica Ltd subsidiary has appointed a US ...

Alliance News 4 December, 2023 | 10:39AM
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(Alliance News) - Avingtrans PLC on Monday said its Magnetica Ltd subsidiary has appointed a US distributor, aiding its expansion in the nation.

Avingtrans, which designs and supplies components and services to the energy, medical and industrial sectors said the deal with Televere Systems LLC is a "significant" in Magnetica's US expansion goal.

Magnetica, a developer of MRI systems and technologies, is eyeing US Food & Drug Administration clearance for a key product.

"Magnetica is developing state-of-the-art technology using ultra-compact superconducting magnets in an MRI technology that will operate without liquid helium. Magnetica plans to seek FDA clearance for the product by mid-2024," Avingtrans said.

Avingtrans shares rose 0.9% to 383.25 pence each in London on Monday morning.

By Hugh Cameron, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Avingtrans PLC 384.90 GBX -0.03 -

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