Here's why the Universal Biosensors (ASX:UBI) share price is soaring 10%

The Universal Biosensor Incorporated (ASX: UBI) share price is up 8% this morning after news of a deal with Deakin and Swinburn.

| More on:
Young doctor raising arms in air with hands in fists celebrating a new development

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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.

Motley Fool contributor Brooke Cooper 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.

More on Healthcare Shares

Cropped shot of an attractive young female scientist working on her computer in the laboratory.
Healthcare Shares

CSL share price leaping higher amid $1.9 billion funding news

ASX 200 investors are bidding up the CSL share price on Wednesday.

Read more »

Two happy scientists analysing test results.
Healthcare Shares

Mesoblast share price rockets 36% on breaking FDA news

ASX investors are sending the Mesoblast share price soaring following promising FDA news.

Read more »

a doctor in white coat and stethoscope stands in front of a building holding an electronic device in his hands.
Healthcare Shares

Guess which ASX 200 healthcare share is jumping 7% on a guidance update

This healthcare share is performing better than expected in FY 2024.

Read more »

a biomedical researcher sits at his desk with his hand on his chin, thinking and giving a small smile with a microscope next to him and an array of test tubes and beackers behind him on shelves in a well-lit bright office.
Earnings Results

Chemist Warehouse merger target Sigma reports 149% FY24 profit jump

This could be the last set of results from Sigma as we know it if its merger is approved.

Read more »

Cropped shot of an attractive young female scientist working on her computer in the laboratory.
Healthcare Shares

1 ASX healthcare stock that looks severely undervalued

I think this stock looks too cheap to miss.

Read more »

Stethoscope with a piggy bank and hundred dollar notes.
Healthcare Shares

Own Medibank shares? Here's why it's a rewarding day for you

Shareholders are getting a healthy boost today.

Read more »

Health professional looking at a laptop.
Healthcare Shares

Are CSL shares a must-buy in March?

Let's see what analysts are saying about this high-quality company.

Read more »

A woman jumps for joy with a rocket drawn on the wall behind her.
Healthcare Shares

This ASX healthcare stock is up 72% on FDA news and 'historic moment'

Huge gains are been recorded by this stock on Tuesday. But why?

Read more »