The Archer Materials Ltd (ASX: AXE) share price bolted out of the gates in today's session.
Shares in the high tech materials player soared more than 30% to record highs before settling at $2.58, up 8.86%, at the time of writing.
Investors have been bidding up the Archer share price after the company released a patent update earlier today.
Here's what Archer announced and why investors are jumping onto its shares.
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Archer share price bolts on patent update
The company's share price skyrocketed after the company announced it has filed for a patent in the US for its biochip technology.
The company highlighted its patent application has progressed to the national phase of the patent granting procedure. As a result, Archer's 100%-owned patent application has been assigned a US application number.
According to the company, national phase entry is a key requirement in the granting of international patents. Such patents are vital for successful commercialisation in the semiconductor industry.
Archer noted the application will allow the company to pursue and achieve further grants in the US.
It said the US is a key strategic jurisdiction in protecting and commercialising its Intellectual Property.
Archer noted the company has also sought national phase entry in Australia for the biochip-related patent application.
In addition, the company acknowledged that patents and patent applications are core to its future technology development and revenue generation.
Snapshot of the Archer share price
Archer is a technology company that operates within the semiconductor industry. The company has a vast pipeline of semiconductor devices that are in various developmental and commercialisation stages.
The Archer share price has had a miraculous year thus far.
Including today's price action, shares in Archer have soared around 386% since the start of the year.
The Archer share price received a boost recently after being granted a South Korean patent for its CQ quantum computing chip.
The company's shares have continued their positive momentum following today's announcement.
The Archer share price was up more than 30% earlier today after hitting an intraday and all-time high of $3.08.
