News: Universal Biosensors hits Siemens milestone as U.S. diagnostic markets beckon

Universal Biosensors (ASX:UBI) has gained traction in delivering its health technology product development pipeline as investor support continues to mark milestones.

In the company’s latest investor update, chief executive Paul Wright outlined a busy operational period for Universal in the lead-up to new advancements in the company’s collaboration with Siemens (XETRA:SIE) and expansion into the U.S. market for in vitro diagnostic tests for point-of-care use.

Wright said 2015 was proving to be an important year for Universal, with commercial growth developing via partnership with both Siemens and Lifescan, a division of medical devices giant Johnson & Johnson.

Most recently, Universal has achieved the fourth of six milestones payable under its Siemens agreement, which triggers a payment of US$1 million (A$1.4 million). The arrangement will facilitate testing of Universal’s unique electrochemical sensing technology, which offers high performance and ease-of-use in a handheld format.

This technology drives the company’s Xprecia Stride Coagulation System, which monitors the application of anti-coagulant therapy estimated to affect up to 10 million patients globally.

Commercial launch of these additional tests by Siemens is expected in the second half of next year and could represent a new revenue streams and accelerated growth for Universal.

In July the company received a valuable boost in the form of a research and development tax incentive cash payment of A$8.2 million under an Australian government initiative.