7th Dec 2015 09:26
LONDON (Alliance News) - Israel-based technology company BATM Advanced Communications Ltd on Monday said it has signed an agreement with healthcare and life sciences group Gamida for Life and has won a USD1.0 million extension to an existing cyber security contract.
BATM and Gamida, a healthcare-focused group based in the Netherlands, will create a joint venture company, called Ador. The company will work on developing and marketing rapid-results molecular diagnostics systems, using technology from BATM's Adaltis diagnostics arm.
Adaltis will invest USD1.5 million in the joint venture, to be matched by Gamida, based on the joint venture hitting certain development milestones.
In addition, BATM said it has won a USD1.0 million extension to its cyber security contract with an unnamed government agency awarded in July. GATM will work on developing future platforms and design modifications for the cyber security system it has designed, and the new award takes the total value of the contract up to USD4.7 million.
Shares in BATM were flat at 18.25 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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