IP commercialisation company Amphion Innovations (LON:AMP) said its partner company Kromek has completed the acquisition of California-based NOVA R&D Inc to add 22 patents in imaging and radiation detection to its portfolio.
Amphion said that NOVA had a number of important technologies and products in the chemical, biological, radiological, and nuclear (CBRNE) space and significant commercial relationships in these vital and growing markets.
The deal is expected to strengthen Kromek’s position in the imaging and detection market and improve its capabilities in the field of electronics and application-specific integrated circuit (ASIC) design as well as provide it with a permanent presence in the UK.
Kromek’s directors are now expecting the acquisition to give the company more freedom to integrate and develop core technologies, helping it confirm its position as “one of the few companies in the world with such technical capabilities and scope".
“The acquisition of NOVA is a major milestone for Kromek, bringing with it an important IP portfolio, relationships, technologies and products. I look forward to further exciting developments as Kromek continues to develop and implement its innovative technologies,” said chief executive of Amphion and chairman of Kromek Richard C.E. Morgan.
UK based Kromek specialises in the development of disruptive technology products for a range of commercial markets. The company is pioneering the digital colour imaging of x-rays and advanced 3D imaging for the medical, security, industrial inspection and defence markets.
Amphion currently has eight partner companies developing proven technologies targeting substantial commercial marketplaces in excess of US$1 billion. Each partner company aims to achieve a target exit value in excess of US$100 million.
The Amphion model has been refined to optimise the commercialisation of patents and other intellectual property within the partner companies. The partner companies collectively own or control over 200 separately identified pieces of intellectual property, a number which grows rapidly each year.
Shares in Amphion were up nearly 4% by midday in an otherwise depressed market.
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