News blog
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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