Up 673% in 1 year, why the Archer Materials (ASX:AXE) share price is lifting again today

The Archer Materials share price is charging higher in morning trade, adding to the ASX tech share’s remarkable 1-year gains.

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The Archer Materials Ltd (ASX: AXE) share price is lifting this morning, up 1% at the time of writing having earlier posted gains of more than 7%.

The ASX tech share focuses on the development of quantum computing, biotechnology, and reliable energy. We take a look at the company’s latest announcement below.

What did Archer Materials report to the market this morning?

The Archer Materials share price is gaining in morning trade after the company reported it had strengthened its graphene-based biochip technology.

The improvement in its nanofabrication capabilities was demonstrated by Archer Materials’ fabrication of “nanosize biosensor components of 100-150 nanometer features on silicon wafers”.

According to the release, translating the biochip sensor components onto silicon wafers is a vital step in commercial production volumes, opening the door for potential future retail applications of its biochip.

The biochip, or lab-on-a-chip, combines several biological laboratory functions. The initial goal for Archer’s biochip is to help detect respiratory diseases.

Before the announced improvement in its fabrication capabilities, Archer reports it was limited to 1 sensor per square centimetre. The new nanofabrication process will enable more than 1 million sensors per square centimetre.

What did management say?

Commenting on the developments, Archer’s CEO Mohammad Choucair said:

Archer has attracted talented technologists to work on a promising, potential solution to a global challenge that has significant socio-economic implications. As we ramp up our biochip development, we will strategically bridge industry capability gaps, and where possible, locally.

At Archer, our staff have a proven track record of producing intellectual property that is worth protecting internationally. As we solve for significant technological barriers in our biochip development, the company will rapidly translate this knowledge into strong IP assets that would underpin high value, long-term commercialisation.

Archer Materials share price snapshot

Archer Materials shares have been a stellar performer over the past 12 months, up 673%. That compares to a 53% gain on the All Ordinaries Index (ASX: XAO).

Year-to-date, the Archer Materials share price is up 93%.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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