Radiation and biodetection technology developer Kromek Group has received $25 million from Siemens Healthineers as its first payment under the multiyear agreement between the two companies.
The agreement was announced at the end of January.
In a statement, Kromek noted that the payment was made following Kromek satisfying its first milestone under the agreement. Additional aggregate payments of $12.5 million will be payable over the next four years.
Kromek noted that the funds will enable the firm to become profitable in the current fiscal year. Additionally, the payment will enable the delivery of future milestones under the agreement, significantly reduce the company’s debt, and strengthen Kromek’s balance sheet, the firm said.