REG - Kromek Group PLC - Seven-Year Agreement with Tier 1 OEM

KromekAnnouncement

18/04/2023 07:00

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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                                                   +44 (0)1740 626 060

 Paul Farquhar, CFO

 finnCap Ltd (Nominated Adviser and Broker to Kromek)               
 Geoff Nash/Seamus Fricker/George Dollemore - Corporate Finance    +44 (0)20 7220 0500

 Tim Redfern/Charlotte Sutcliffe - ECM

 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 (http://www.kromek.com/)
.

 

 

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