Kromek Group PLC Kromek to produce ventilators to fight COVID-19 (6476J)

TIDMKMK

RNS Number : 6476J

Kromek Group PLC

15 April 2020

Kromek Group plc

("Kromek" or the "Group")

Kromek to commence production of Metran-based ventilators for COVID-19 response

Kromek (AIM: KMK), a worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets, is pleased to announce that it intends to commence the manufacture and sale of medical ventilators in the UK and globally under license from Metran Co., Ltd ("Metran"), a Japan-based leading developer of medical ventilator products and technology, to support the COVID-19 response.

Kromek expects to commence production of ventilators before the end of April 2020 and to produce up to 2,000 units within twelve weeks, with 1,000 units available within eight weeks. Following the signing of a license agreement, which is expected shortly, Kromek intends to sell the ventilators in the UK and globally.

For over 30 years, Metran has specialised in the development and manufacture of respiratory equipment, and it is Japan's leading ventilator manufacturer. Its ventilators offer an effective solution to the current crisis where ventilators need to be manufactured rapidly to meet public health demands.

Dr Arnab Basu, CEO of Kromek, said: "We have been working through the British Embassy in Japan with substantial help from the Department of International Trade and are delighted to be progressing this technology transfer. By combining our existing manufacturing skills with Metran's proven technology, we expect to commence the manufacture of these robust ventilators from next week and deliver in a rapid manner. Any procurement of this equipment from Kromek is expected to have the additional benefit of safeguarding and creating employment in the North East as well as contributing to this region's fight against COVID-19. We look forward to the ongoing relationship with Metran."

Dan Nitta, President of Metran, added: "We have seen an unprecedented demand for ventilation equipment in recent months. We realised at an early stage of this crisis that we needed to think beyond our in-house manufacturing capability if we were to make a substantial impact. Therefore, we reached out globally to find partners who could help us to expand our capacity, and we are pleased to form this relationship with Kromek. With a combination of Metran's experience in the ventilation field and Kromek's skill as a designer and manufacturer of advanced electronic equipment, we believe that we can make a substantial contribution to the fight against COVID-19."

This announcement contains inside information.

For further information, please contact:

 
 Kromek Group plc 
 Arnab Basu, CEO 
  Derek Bulmer, CFO                          +44 (0)1740 626 060 
 Cenkos Securities plc (Nominated Adviser 
  and Broker) 
 Max Hartley (NOMAD) 
  Julian Morse (Sales)                       +44 (0)20 7397 8900 
 Luther Pendragon (PR) 
 Harry Chathli 
  Claire Norbury 
  Alexis Gore 
  Joe Quinlan                                +44 (0)20 7618 9100

About Kromek Group plc

Kromek Group plc is a technology group (global HQ in County Durham) and a leading developer of high performance radiation detection products based on cadmium zinc telluride ("CZT") and other advanced technologies. Using its core technology platforms, Kromek designs, develops and produces x-ray and gamma ray imaging and radiation detection products for the medical, security screening and nuclear markets.

The Group's products provide high resolution information on material composition and structure and are used in multiple applications, ranging from the identification of cancerous tissues to hazardous materials, such as explosives, and the analysis of radioactive materials.

The Group's business model provides a vertically integrated technology offering to customers, from radiation detector materials to finished products or detectors, including software, electronics and application specific integrated circuits ("ASICs").

The Group has operations in the UK and US (California and Pennsylvania), and is selling internationally through a combination of distributors and direct OEM sales.

Currently, the Group has over one hundred full-time employees across its global operations. Further information on Kromek Group is available at www.kromek.com and https://twitter.com/kromekgroup.

About Metran Co., Ltd

Metran is a manufacturer of medical devices specializing in the respiratory field. Our flagship product is the Humming series of neonatal ventilators, based on global best-in-class piston-based High Frequency Oscillation. We also manufacture CPAP devices, oxygen concentrators and provide contract R&D services. Metran's HQ is in Saitama, Japan, with a factory and R&D base in Ho Chi Minh, Vietnam. Metran currently has around 130 employees at its sites in Japan and Vietnam.

For more information about Metran, please visit our webpage at www.metran.co.jp.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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