Acquisition of IP in EET business

RNS Number : 8527C

Elektron Technology PLC

25 January 2018

 

Elektron Technology Plc

("Elektron" or the "Company")

Acquisition of IP in EET business

Elektron Technology plc (AIM:EKT), announces that its Elektron Eye Technology business ("EET") has purchased the patent of the MPS II macular pigment screening device for the sum of £220,000. Previously the device was manufactured under a licence arrangement that was scheduled to expire in 2023. The transaction is in addition to the purchase of intellectual property (previously mentioned in Elektron's interim report) relating to the Henson 9000 visual field screener. That transaction also replaced a licensing agreement. As a result of the two transactions, EET owns all IP related to its product portfolio.

The two instruments referred to above address age-related macular degeneration ("AMD") and glaucoma, respectively, two of the most common ocular diseases threatening the eye health of the ageing global populace. It is estimated that by 2020 there will be 196 million AMD sufferers and 80 million glaucoma sufferers worldwide.

Separately EET was recently notified by the Food and Drug Administration in the US that the Henson 9000 is not subject to premarket registration under its clearance procedures. This opens the way for the instrument to be marketed in the US. In the last financial year approximately 90% of its sales were in the UK. The number of optometrists in the US is approximately 45,000, three times that of the UK.

John Wilson, Elektron CEO, commented: "We are pleased to have completed these acquisitions which are in line with our strategy of being an owner of IP. We look forward to making the best use of the opportunities presented to us by vigorously marketing these products globally."

For further enquiries:

Elektron Technology plc		[phone]
www.elektron-technology.com
John Wilson (Chief Executive Officer)
Andrew Weatherstone (Chief Financial Officer & Company Secretary)
N+1 Singer (Nominated Adviser & Broker)		[phone]
Shaun Dobson / Jen Boorer (Corporate Finance)
Michael Taylor (Corporate Broking)

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Notes to Editors:

Elektron conceives, designs and markets innovative products and services for business that connect, monitor and control. We have a multi skilled team of engineers, software and product line specialists based in Cambridge focused on the opportunities created by global growth in the following areas:

- Demand for ubiquitous power and data: Bulgin

- Real-time operations management using Internet of Things (IoT) technology: Checkit

- Screening for the effects of ageing on sight: Elektron Eye Technology

- High precision nano-scale manufacture: Queensgate

 

END

 

 

ACQFKQDKFBKDNDB