The Archer Materials Ltd (ASX: AXE) share price is powering ahead on Thursday. This comes after the materials technology company provided a technical progress update to investors on its 'lab-on-a-chip' technology (biochip).
At the time of writing, Archer Materials shares are fetching $1.69 a pop, up 5.63%. In comparison, the All Ordinaries Index (ASX: XAO) is also higher, up 0.26% to 7,733.4 points.
Archer Materials progresses its biochip development
In its release, Archer Materials advised it has been busy developing a biochip that can analyse tiny amounts of liquid or gas such as saliva, blood, and breath.
To bring the biochip to life, the company used advanced fabrication techniques to achieve features like hair-thin microfluidic channels. These channels allow sample processing as well as transportation into smaller built-in sensors for analysing biochemical targets.
Archer highlighted the microfluidic channels are less than 20 micrometres in width (about 3 times thinner than a human hair). This gives a strong notion of the complexity of developing a biochip for the future.
The latest development marks the passing of a significant checkpoint in Archer's quest to commercialise its biochip. The global semiconductor industry is one of the most important drivers of the global economy, with semiconductors used in almost all technological applications.
Best-in-class capabilities in nanofabrication is a global competitive advantage in the multibillion-dollar point of care medical diagnostics industry. One of the reasons there are few companies in the world developing and commercialising biochips is because it's difficult to achieve precision engineering at the nanoscale.
Archer Materials CEO Mohammad Choucair commented:
The Archer team has been ultra-focused on strengthening and expanding our nano- and micro-fabrication capabilities, including for the development of Archer's biochip, as this is one of the biggest challenges to potential commercialisation of lab-on-a-chip technology.
We have demonstrated miniaturisation with deliberate, precision control of nanosized components' fabrication and positioning for integrating biosensing functions on chip substrates, which Archer ultimately aims to translate into a sophisticated and unique biochip technology.
Archer Materials share price snapshot
Shareholders are likely ecstatic over the performance of the Archer Materials share price in 2021. It's gained more than 220% year-to-date, reflecting strong investor optimism in the company's progress in developing its CQ chip.
Archer Materials presides a market capitalisation of $418.2 million with 247.5 million shares on issue.
