Update on MobileODT strategic investment

RNS Number : 6538T

Tristel PLC

18 November 2019

 

Tristel plc

("Tristel" of the "Company")

Update on MobileODT strategic investment

Completion of a second-round institutional funding

Tristel plc (AIM: TSTL), the manufacturer of infection prevention products, announces that MobileODT ("MODT"), a company in which it holds a 2.13% strategic equity stake, has successfully completed its first closing of a US$9.75 million second-round institutional fund raising.  The funding has been led by OrbiMed Israel Partners and will provide MODT with further growth capital. Whilst Tristel has not participated in this latest funding round the Company has invested US$911,000 in MODT since June 2017.

MODT's Enhanced Visual Assessment (EVA) System is a smart colposcope used in over 40 countries. In the coming months MODT is expecting to launch its VisualPap AI, a visual analysis using the EVA System to assist clinicians make point-of-care diagnostic decisions for cervical cancer at a fraction of the time taken for comparable laboratory tests. For more information visit: www.mobileodt.com

Tristel enjoys a close strategic relationship with MODT, acting as distributor of the EVA System in the United Kingdom, Australia and New Zealand. Tristel has used its chlorine dioxide-based foam technology to develop the Duo EVE hand-held disinfectant as an accessory to the EVA colposcope. Furthermore, MODT has made a significant contribution to Tristel's development of 3T, a digital traceability system designed to train, track and trace the disinfection of medical devices.  It comprises a portal for setup, data management and reporting purposes and an App to record each step of the disinfection process.   

Paul Swinney, CEO, comments: "We made our first investment in MODT in June 2017 and during the past two years we have seen MODT make great strides in its development of machine learnt diagnosis of cervical cancer. This is a very important area of focus for Tristel as 97% of cervical cancers are caused by Human papilloma virus (HPV). Tristel's chlorine dioxide chemistry has been proven by leading experts to be one of only a few high-level disinfectants that can quickly and safely kill HPV on medical device surfaces. This provides a sizeable market opportunity for Tristel and is of enormous significance for colposcopes that are used to capture images of the cervix."

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

For further information please contact:       

Tristel plc	Tel: [phone]
Paul Swinney, Chief Executive Officer
Liz Dixon, Finance Director
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]
finnCap	Tel: [phone]
Geoff Nash / Giles Rolls, Corporate Finance
Alice Lane, ECM

 

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