The Archer Materials Ltd (ASX: AXE) share price is advancing during late afternoon trade today. This comes after the semiconductor company announced a positive update regarding its CQ quantum computing chip.
At the time of writing, Archer Materials shares are swapping hands for $1.055 cents, up 4.97%.
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Archer adds to its intellectual property portfolio
Investors are pushing Archer shares higher after digesting the company's latest win.
According to its release, Archer advised it has been approved for a European patent associated with its CQ quantum computing chip technology.
This follows numerous other patents that have been granted approval in Japan, South Korea, China and the United States. Currently, Australia and Hong Kong are in the midst of their patent application process.
Archer noted that the European approval represents a significant early-stage milestone in the development of the CQ chip. The jurisdictions in which the European patent is now effective spans across a number of countries in the continent. This includes Belgium, Switzerland & Liechtenstein, Germany, Spain, France, the United Kingdom, Italy, Turkey, the Netherlands, Sweden, and Ireland.
The company considers the jurisdictions as critical strategic markets to protect and potentially commercialise its IP.
European Patent protection is required for any possible future commercialisation operations. With the latest approval, Archer has access to Europe's largest economies to explore sales opportunities within each of the countries.
Quick take on Archer
Founded in 2007, Archer is a technology company developing advanced semiconductor devices. This encompasses chips that can be used in quantum computing and medical diagnostics.
Archer's flagship development, the CQ chip, is a world-first technology that could allow for quantum computing powered mobile devices.
Archer share price snapshot
It's been an interesting year for Archer shares, having moved in circles until the start of July. Over the last 12 months, the company's share price has increased by around 4% and is down 6% year-to-date.
On valuation grounds, Archer commands a market capitalisation of roughly $259.95 million, with approximately 247.56 million shares outstanding.
