GBS Shares Rise 52% After $4.7 Million Grant From Australia
July 08 2021 - 10:19AM
Dow Jones News
By Chris Wack
GBS Inc. shares were up 52%, to $4.48, after the company said it
has been awarded a $4.7 million, Australian Federal Government
scientific grant to fund the build out of a biosensor-manufacturing
facility.
The company said this project has been identified as one of six
National Manufacturing Priorities identified by the Australian
government under its Modern Manufacturing Strategy.
The medical products priority grant, from the Australian federal
government's Department of Industry, Science, Energy and Resources'
Modern Manufacturing Initiative will support the establishment of
an Australian high tech medical device manufacturing facility to
begin scaled production of the Printable Organic Electronic
Biosensor technology for the APAC region.
GBS's flagship product, the Saliva Glucose Biosensor, is being
developed as a point-of-care test intended to provide people living
with diabetes a non-invasive solution to finger-prick blood glucose
testing.
The company also plans to commercialize a SARS-CoV-2 Antibody
Biosensor rapid point-of-care diagnostic test to monitor exposure
and immunity levels in real time in the fight against Covid-19. The
SARS-CoV-2 Biosensor is being developed in collaboration with the
Wyss Institute for Biologically Inspired Engineering at Harvard
University.
GBS said it believes its manufacturing facility will have
capacity to produce an annual supply of 100 million biosensor units
for roll-out to primary global commercialization sites in the Asia
Pacific region.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
July 08, 2021 10:07 ET (14:07 GMT)
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