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Spectra Systems ups stake in biotechnology company Solaris
StockMarketWire.com
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Banknote authentication group Spectra Systems said it had upped its its stake in biotechnology company Solaris to 48.7%, from 4.8%, for $0.70 million (£0.52 million).
Solaris had developed technology for the characterisation of bio-fluids and as an assay for the detection of proteins, RNA and DNA, antibodies, and other biomolecular moieties using extremely low sample volumes.
Spectra Systems said the deal was expected the be the first of several that would see the company invest in 'business areas outside the authentication business which have rapidly evolving valuations'.
'Spectra seeks to find early stage technology companies in the healthcare, biotechnology and energy sectors which draw on its core technology capabilities and where it can minimize the use of cash consideration,' it added.
Separately, Spectra said it had renewed contracts with two US state lottery customers, for nine and 10-year contracts, respectively.
The aggregate value of the contracts was estimated a $1 million over the full term, with additional potential from software work plans of up to $0.25 million.
Story provided by StockMarketWire.com
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