Universal Biosensors Secures Second Development Milestone With Siemens Healthcare Diagnostics
Published: Jul 27, 2012
This latest milestone relates to proof of technical feasibility of a third test strip under the collaboration with Siemens. Universal Biosensors will receive $US1.5 million as consideration for this milestone, bringing the total milestone payments from Siemens, to date, to US$6 million. This follows the receipt of US$1.5 million for delivering on the first milestone in June 2012.
Under the agreement, which commenced in September 2011, Universal Biosensors will develop a range of test strips and reader products in collaboration with and exclusively for Siemens. In turn, Siemens contributes to development costs through the $3M up-front fee as well as a series of six milestone payments, due when Universal Biosensors achieves its specified deliverables.
The first product, expected to be launched in 2013, is a version of Universal Biosensor’s point- of-care PT-INR test (used to monitor the application of the anti-coagulant therapy, Warfarin). The new test strip, which has passed technical feasibility in this latest development milestone, will form the basis of a future product to be commercialised by Siemens following the launch of the PT-INR test.
Paul Wright, CEO of Universal Biosensors said: “We are very pleased that our development work for this new test is on track as we work closely with Siemens to develop new solutions for the coagulation testing market – a significant and growing opportunity. It is particularly exciting to have laid the groundwork for the commercialization of 3 point of care coagulation tests starting next year with PT-INR”.
The global market for anti-coagulant treatments (including Warfarin and heparins) was estimated at $6.2 billion in 2008 and is projected to reach $9.1 billion by 2014. Patients undergoing treatment with anti-coagulants generally require frequent blood tests to ensure that they are receiving the correct amount of medication.
As a consequence, point-of-care coagulation testing is estimated to be worth over US$1billion annually and is growing at over 10% per year. Universal Biosensors and Siemens are focused on offering new coagulation technologies that deliver laboratory-quality results at the point-of- care in response to growing demand for near-patient testing solutions, including those that deliver time-critical coagulation data.
Mr Paul Wright: 03 9213 9000
Universal Biosensors I n c
ARBN 121 559 993
1 Corporate Avenue
Rowville VIC 3178
Au s t r a l i a
Telephone +61 3 9213 9000
Facsimile +61 3 9213 9099
About Universal Biosensors
For additional information in relation to Universal Biosensors, refer to http://www.universalbiosensors.com/announcements.html.
Universal Biosensors is a specialist medical diagnostics company, founded in 2001, that is focused on the development, manufacture and commercialisation of a range of in vitro diagnostic tests for point-of-care use. These tests capitalise on a technology platform which uses a novel electrochemical cell that can be adapted for multiple analytes and provide for enhanced measurements in whole blood.
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