Response Biomedical announces fourth milestone
"The receipt of the fourth development milestone payment continues to demonstrate the progress we are making in this important collaboration," Barbara Kinnaird, CEO of Response, said. "Response is using its core capabilities in product development to create an additional revenue stream which complements our ongoing global sales efforts."
The installment amounted to $648,000 and was delivered following the delivery of materials necessary to develop a rapid immunoassay analyzer which is currently being developed by Joinstar.
"We are pleased that this fourth milestone is an indication of the success of the cooperation and collaboration with Response in this project," Xuyi Zhou, Joinstar general manager, said.
Their initial agreement was formed in February and facilitated both companies to co-develop key components and assays for Joinstar's analysis system. The agreement has a potential total of $3.80 million, of this Response has received $2.29 million.
Response is focused on the development and manufacture of onsite diagnostic tests that have applications within the medical field, environmental and defense applications utilizing its RAMP platform and it supports test cartridges for West Nile virus, anthrax, ricin, botulism and smallpox.