Biosensor developer Universal Biosensors [ASX:UBI] spiked on Tuesday after delivering a market update.
UBI shares rose as high as 20% on Tuesday. Despite the rally, UBI shares are still down 70% year to date.
Source: www.tradingview.com
Universal Biosensors: Business
The biotech company gave an update on its operations for the nine-month period to September 2022.
UBI, which is seeking to develop diagnostic analyser technology on portable handheld devices, released business updates across its labs and products.
Universal Biosensors said it is well-funded with $33 million in cash reserves with a ‘strong’ pipeline of products.
Three new products are expected to be launched over 4Q22 and 1Q23.
UBI said it expects cash spend on development assets for FY23 ‘to be materially lower’ than FY22, with enough cash on hand to cover all development asset, investments, and operations.
Source: UBI
What’s in store for UBI?
During H1 2022 UBI invested $4.49 million in development assets.
$2.47 million went into the veterinarian blood glucose products, $2.02 million in clinical and development trials for Xprecia Prime, Tn Antigen, and Sentia products, and $1.12million into the oncology, fertility, and COVID biosensors:
UBI has been set back by supply chain issues, but this hasn’t stopped it from pushing its products to further reaches of the globe.
We will have to wait and see how this pans out for them going into 2023.
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