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(Sharecast News) - Radiation detection business Kromek Group said on Monday that it had received $25.0m as part of its agreement with Siemens Healthineers.
Kromek noted that the funds not only marked the first payment under a multi-year agreement but would also enable it to become profitable in the current financial year.
The AIM-listed group noted that the payment comes hot on the heels of it satisfying the first milestone under its enablement agreement with Siemens.
Kromek noted that the additional aggregate payments of $12.5m, payable over the next four years, provide "a robust foundation" for delivering "significant" revenue growth.
Chief executive Arnab Basu said: "We are delighted to have received the first payment under our significant multi-year agreement with Siemens Healthineers.
"These funds will be used to support the delivery of various milestones under the agreement, significantly reduce our debt and strengthen our balance sheet, ultimately enhancing our operational capabilities. It also enables us to become profitable in the current financial year - which is a significant milestone."
As of 0915 GMT, Kromek shares were down 0.28% at 7.08p.
Reporting by Iain Gilbert at Sharecast.com
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