Universal Biosensors Inc (ASX: UBI) shares are soaring today after the company shared news of deals with Deakin and Swinburn. At the time of writing, the Universal Biosensors share price is trading 9.68% higher at 68 cents.
The deals will see the commercialisation of Universal's Tn Antigen biosensor as well as the development of other biosensors using the company's electrochemical platform technology.
Let's look closer at the announcement made by the biotech company this morning.
Image source: Getty Images
What was announced?
The Universal Biosensors share price is having a stellar day after the company announced new agreements between it and Deakin University's Institute of Frontier Metals (DIFM) and Swinburne University of Technology.
Through the deals, Universal Biosensors aims to create a portable device that can sense and monitor cancer from a finger prick of blood.
The two universities have been working on the company's electrochemical biosensors and the Tn Antigen cancer biomarker for more than 5 years.
The agreement with DIFM will contract half of DIFM's Senior Fellow Dr Wren Green's time and resources.
The deal with Swinburne will contract 80% of Dr Saimon Moraes Silva's time. Dr Silva will be under the supervision of Swinburne's School Software and Electrical Engineering and Iverson Health Innovation Research Institute's Professor Simon Moulton.
Combined, the universities should charge the company no more than $300,000, according to the company's release.
Commentary from management
Universal Biosensor's CEO John Sharman commented on the agreements, saying:
The knowledge and resources of DIFM and Swinburne will help deliver [a portable device capable of identifying, staging and monitoring cancer] as well as fast track the development of other biosensors we are working on.
Universal Biosensors share price snapshot
The Universal Biosensors share price is having a good year so far on the ASX, with today's news just the latest boost.
It's currently up by nearly 45% year to date. It's also up a whopping 278% over the last 12 months.
The company has a market capitalisation of around $110 million, with approximately 177 million shares outstanding.
