Kromek Group PLC Seven-Year Agreement with Tier 1 OEM (5099W)
April 18 2023 - 1:00AM
UK Regulatory
TIDMKMK
RNS Number : 5099W
Kromek Group PLC
18 April 2023
18 April 2023
Kromek Group plc
("Kromek" or the "Group")
Seven-Year Agreement with Tier 1 OEM
Collaboration Agreement to develop and supply CZT-based
detectors for advanced medical imaging
Kromek Group plc (AIM: KMK) , a leading developer of radiation
and bio-detection technology solutions for the advanced imaging and
CBRN detection segments, is pleased to announce that it has entered
into an initial seven-year agreement with a Tier 1 OEM ("the
Customer") to develop CZT-based detectors for use in the Customer's
advanced medical imaging scanners. The Customer is a leading
health-technology company with market-leadership positions in
multiple businesses.
As part of this collaboration, the two companies will work
together to integrate Kromek's CZT-based detectors into the
Customer's medical imaging scanners. Following a short development
phase, the agreement will transition into a longer commercial
supply phase.
The collaboration across development and supply will strengthen
the Customer's advanced medical imaging portfolio and will pave the
way to future innovations that may enable the next-generation of
imaging-based precision diagnosis and therapy. The enhanced image
quality associated with these innovations may enable the earlier
detection of diseases, such as heart disease and cancer, thereby
improving patient outcomes and increasing efficiencies within
healthcare settings.
Arnab Basu, CEO of Kromek Group, added: "This Tier 1 OEM
customer is one of the world's foremost innovators in health
technology and has a significant market leadership position in
medical imaging. We share a common vision of improving people's
health through innovation and we have experienced this from the
close working relationship we have built with their team over the
past few years. We look forward to working with them to produce
best-in-class detector solutions for their advanced medical imaging
scanners and enable advancements in early detection of
life-threatening illnesses."
For further information, please contact:
Kromek Group plc
Arnab Basu, CEO
Paul Farquhar, CFO +44 (0)1740 626 060
finnCap Ltd (Nominated Adviser and Broker
to Kromek)
Geoff Nash/Seamus Fricker/George Dollemore
- Corporate Finance
Tim Redfern/Charlotte Sutcliffe - ECM +44 (0)20 7220 0500
Gracechurch Group (Financial PR to Kromek)
Harry Chathli/Claire Norbury +44 (0)20 4582 3500
Kromek Group plc
Kromek Group plc is a leading developer of radiation detection
and bio-detection technology solutions for the advanced imaging and
CBRN detection segments. Headquartered in County Durham, UK, Kromek
has manufacturing operations in the UK and US, delivering on the
vision of enhancing the quality of life through innovative
detection technology solutions.
The advanced imaging segment comprises the medical, security and
industrial markets. Kromek provides its OEM customers with detector
components, based on its core cadmium zinc telluride (CZT)
platform, to enable better detection of diseases such as cancer and
Alzheimer's, contamination in industrial manufacture and explosives
in aviation settings.
In CBRN detection, the Group provides nuclear radiation
detection solutions to the global homeland defense and security
market. Kromek's compact, handheld, high-performance radiation
detectors, based on advanced scintillation technology, are
primarily used to protect critical infrastructure and urban
environments from the threat of 'dirty bombs'.
The Group is also developing bio-security solutions in the CBRN
detection segment. These consist of fully automated and autonomous
systems to detect a wide range of airborne pathogens.
Kromek is listed on AIM, a market of the London Stock Exchange,
under the trading symbol 'KMK'.
Further information is available at www.kromek.com .
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END
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