A listed radiation tech firm听which is to run COVID-19 detection pilots in airports and hospitals听is听to raise 拢13 million.听
Kromek Group, a听worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets,听is to raise 拢10m through a firm placing and directors鈥� subscription while a听proposed open offer will raise up to 拢3m.听
The funding is to come from听new and existing institutional investors in the听company, which听is听headquartered in County听Durham,听has听a neutron R&D centre听in听Huddersfield听and听bases in the US.听
Kromek鈥檚 technology can听improve patient outcomes from cancer surgery, having commenced development, in partnership with听Adaptix听Ltd and the University of Manchester, of a new system that will distinguish between healthy and non-healthy tissue, enabling surgeons to confidently remove the minimum amount of healthy tissue and reducing the risks of multiple surgeries and of the cancer spreading.听
Its platform is also widely deployed as a networked solution to protect cities, buildings or critical infrastructure against the security threat of听nuclear ‘dirty bombs’.听To date, over 10,000 detectors have been shipped with in excess of 2.5 billion recorded data points being acquired.听听
The group also recently announced that it has commenced a 拢1.25m programme, funded by Innovate UK, to develop and pilot a system focused on the detection of COVID-19. It expects听airport and hospital pilots to commence by the end of this financial year, with听commercial deployments in 2021/22听if these are a success.听
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“This investment will help us with our next phase of growth and to become cash flow positive and achieve operational profitability,鈥� said chairman听Rakesh Sharma OBE.听听
鈥�These funds in the short term will enable us to accelerate the commercialisation of our biological threat detection technology as well as the delivery of our nuclear detection and medical imaging pipeline.听听
鈥�As such, the听board recommends all shareholders to vote in favour of the proposals, which will allow us to capitalise on the substantial opportunities with which we are presented.”听
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