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XCounter AB

  • BY: Andrew Hore |
  • POSTED: 29/03/2009 |

XCounter AB is acquiring a Finnish business to help it create a wider ranging x-ray imaging business. 

Stockholm-based XCounter is developing technology for the capture of digital x-ray images using low dosages of radiation.

XCounter acquired 49.8% of AJAT for an initial 3.4m plus up to 1.05m in deferred consideration. Finland-based AJAT manufactures radiation detection and imaging devices for the medical and industrial sectors. It is involved in photon counting technology - just like XCounter is. XCounter has an option to acquire a further 18.96%.

Management believes that putting the two companies together will help to create a sustainable business, but more cash will need to be raised. The focus will be on the development of a photon counting detector platform.

Net cash was 8.6m at the end of 2008. That is less than the cash outflow last year. Annual savings of 3.8m have been made but the cash still will not last long unless the outflow is cut by even more.

At 17.5p a share, XCounter is valued at 7.62m.

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