BATM Advanced Communications Limited (LON:BVC) said its joint venture company has received the first tranche of a US$30mln investment.
Ador Diagnostics will use the US$14.5mln to develop the NATlab reader, a rapid-results molecular biology diagnostics system. The remainder of the cash will be handed over next year.
WATCH: Strong growth sees BATM anticipate 2019 earnings to be ahead of expectations
Financial backing is coming from unnamed medical industry investors from the US, and Puma Brandenburg Investments, a company owned by Howard Shore, the founder of City firm Shore Capital.
Ador, meanwhile, is jointly run by medical equipment firm Gamida for Life.
"We are delighted to have received the Initial Investment to accelerate the commercialisation of our breakthrough NATlab system, which we believe will revolutionise the point-of-care medical diagnostics industry,” said Dr Zvi Marom, BATM chief executive.
“Since signing the investment agreement, we have continued to make progress in our final preparations ahead of in-hospital installation. We are very excited about the tremendous potential of this unique molecular biology-based diagnostics solution."