News: Bluechiip progresses MEMS tracking technology

Bluechiip (ASX:BCT) revealed a busy period, which included the placement of shares at $0.045 to raise $1 million.

Receipts from customers totalled $10,000, and cash at hand of $405,000. This is in addition to the $1 million raised but not yet reflected in the cash flow report.

Commercial and validation activities include the test and evaluation with SIAD Group in Italy to integrate the Bluechiip Cryotag into SIAD’s cryobags which are used to store cord blood and other biological products.

Manufacturing trials of new dual identity cryovials also continued as part of the co-development project with Micronic.

Co-demonstration by Bluechiip and Micronic America of the dual-identity cryovials incorporating Bluechiip® tags molded into Micronic 2D barcoded cryovials and multivial reader at The Society of Laboratory Automation Systems exhibition in Washington in February.

Bluechiip expects sales, licensing and royalty receipts from customers over the coming months, and anticipates receiving a research and development grant in the third quarter 2015.

Bluechiip has developed a wireless tracking solution for the healthcare and life science, security, defence and manufacturing industries.

The tags represent a significant improvement from current methods such as labels, barcodes, and microelectronic integrated circuit-based RFID.

The unique tag is based on MEMS technology and contains no electronics. The tag can either be embedded or manufactured into a storage product, such as vials or bags.

Whereas a barcode requires a visible tag or line-of-sight optical scan, bluechiip® technology does not.

Unlike labels, barcodes and RFID, the bluechiip® technology can sense the temperature of each item a tag is attached to, or embedded in.

The company is capitalised at $9 million.