News and Announcements
Modifications to Collaboration Arrangements with Universal Biosensors and Siemens
- Published March 09, 2016 3:32PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
9th March 2016, ASX Announcement
Universal Biosensors (ASX: UBI) announced today that it has agreed amendments to its agreements with Siemens Healthcare Diagnostics Inc. The parties have agreed to shift the focus of their joint product development activities, provide prepayment of milestones to UBI and improved strip pricing to support Siemes’ entry into the point-of-care PT-INR testing market.
Under the Collaboration Agreement which commenced in September 2011, Universal Biosensors is developing three coagulation strips and associated reader products in collaboration with, and exclusively for, Siemens. In turn, Siemens contributes to the cost of development through a series of milestone payments. To date, UBI has been paid a total of US$8 million for five of the seven milestones under the Collaboration Agreement.
Siemens and UBI have agreed to cease development work on one of the two remaining strip products in order to focus resources on an alternative product that offers the potential for greater return on investment to both companies.
To read the full announcement, please click here.
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