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Kromek completes $1 million deal to continue contract with top four OEM
Posted by Jamie Hardesty on 22 Sep 2014
Durham-based radiation detection tech company, Kromek, has received a $1 million payment as a top four Original Equipment Manufacturer (OEM) decided to progress into a second year of a programme with the company.
This payment is part of a programme that comes under Kromek’s mutually exclusive development contract, worth up to $5.3 million, with the OEM for developing and supplying multispectral (colour) detectors for producing high resolution colour X-Ray images by CT scanners.
The decision to continue the programme for the second year was based on sustained progress towards meeting the aims of the development programme.
This contract does not change the Company’s expectations for the year ended 30 April 2015 although it provides further evidence of the progress towards meeting market expectations.
CEO of Kromek, Arnab Basu, said: "We are delighted to be progressing this project to advance colour CT imaging, which can lead to major healthcare benefits for diagnosis and treatment of cancers, cardiovascular diseases and other pathologies.
“With the success of our collaboration, our relationship with this key OEM partner continues to develop and grow stronger.
“This latest step is a clear endorsement of our technology and our long-term strategy to position Kromek’s subcomponents at the heart of major global OEMs’ medical imaging systems to improve diagnostic capabilities, resulting in better clinical outcomes."