- Internet of Things investment company Tern said Thursday its portfolio company Device Authority had won a five year contract with a 'leading' medical device manufacturer to deliver a security solution for surgical devices.

The contract had a first-year value of approximately $80,000 to Device Authority, with an anticipated value of more than $1m over five years.

Under the terms of contract, Device Authority would use its 'KeyScaler' platform to 'deliver a security solution for the high quality surgical devices the customer manufactures, used in a variety of hospital treatments, which handle critical and confidential patient data, the company said. DA would provide enhanced features, supporting both online and offline processing.

Tern held a 56.8% stake in Device Authority.

Tern reiterated that the reference to total cash of £6.0m raised during the year did not include the £0.55m of convertible unsecured loan notes that were drawn down on 9 January 2018 under the £2.2m facility entered into on 30 November 2017 and subsequently converted into ordinary shares, as previously announced on 17 January 2018 and 16 February 2018.

The cash balance at 31 October 2018 remained as £2m, Tern confirmed.

At 8:28am: [LON:TERN] Tern Plc share price was +1p at 16.75p

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