Avingtrans PLC on Monday said its Magnetica Ltd subsidiary has appointed a US distributor, aiding its expansion in the nation.
Avingtrans, which designs and supplies components and services to the energy, medical and industrial sectors said the deal with Televere Systems LLC is a ‘significant’ in Magnetica’s US expansion goal.
Magnetica, a developer of MRI systems and technologies, is eyeing US Food & Drug Administration clearance for a key product.
‘Magnetica is developing state-of-the-art technology using ultra-compact superconducting magnets in an MRI technology that will operate without liquid helium. Magnetica plans to seek FDA clearance for the product by mid-2024,’ Avingtrans said.
Avingtrans shares rose 0.9% to 383.25 pence each in London on Monday morning.
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