News: Universal Biosensors banks $8M tax refund

Universal Biosensors (ASX:UBI) has received $8 million in cash under the research and development tax incentive relating to its 2013 financial year expenses.

It is expected that research and development expenses incurred in the current financial year will also be eligible for rebate.

The funds bolster UBI's cash reserves and provides non-dilutive capital for its pipeline of point-of-care diagnostics products.

Revenue generated from UBI's sales of its OneTouch Verio blood glucose test strips during the quarter was $1,369,529.

This represents an increase of 80% when compared to the same period in the previous financial year, and an increase of 13% compared to the previous quarter.

UBI also continues to advance four new products for the US$1 billion point-of-care coagulation testing market.

The first of these products is targeted for launch before the end of the 3rd quarter this year, and on 24th June UBI received first commercial order from Siemens to manufacture the associated strips.

The other three point-of-care coagulation testing products also remain on track for their 2015 launch target.

UBI's cash balance is now around $23 million following the tax rebate, and the company is capitalised at $32 million.