Kromek nets further $5 million in ‘landmark’ deal

A technology firm behind equipment used to diagnose serious illness has secured further $5 million as part of a “landmark” deal.

County Durham-based Kromek Group has received $5 million from Siemens Healthineers as part of a $37.5 million multi-year agreement to licence its advanced detector technology for use in next-generation medical imaging systems. 

The agreement supports Siemens in manufacturing SPECT scanners powered by Kromek’s cadmium zinc telluride (CZT) platform, which is developed in County Durham.

With the latest payment, Kromek has received $30 million of the total agreed value, with the remaining $7.5 million due over the next three and a half years, with bosses saying the deal is “transformational” and will provide a “robust foundation” for future growth.

The company’s detectors enable sharper, lower-dose scans for nuclear medicine imaging, supporting the diagnosis of conditions such as cancer and Alzheimer’s.

Arnab Basu, chief executive of Kromek, said: “We have continued to successfully deliver on our commitments under our landmark multi-year agreement with Siemens Healthineers, which is progressing as scheduled. 

“To date, we have received a total of $30m, which is transformational for our business. 

“Alongside supporting the delivery of various milestones under the agreement, it will significantly strengthen our balance sheet and provide a robust foundation for sustainable growth.”

Closer to home, Kromek, which is headquartered at NETPark, in Sedgefield, is also leading a Newcastle-based clinical project focused on improving breast cancer diagnosis. 

Its prototype Ultra-Fast Molecular Breast Imaging (UFMBI) scanner uses the same CZT platform to deliver faster, clearer 3D scans for patients with dense breast tissue – at a significantly lower radiation dose.

The initiative brings together Newcastle Hospitals, Newcastle University and UCL, with early trials showing promising results for detecting hard-to-spot cancers and enhancing early treatment options.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →