Response Biomedical receives fifth installment of Hangzhou Joinstar pay agreement
The payment was received after the reception of testing reports from the high throughput rapid immunoassay analyzer that was developed by Joinstar.
“The receipt of the fifth development milestone payment continues to demonstrate the rapid progress we are making in this important collaboration,” Response Biomedical CEO Dr. Barbara Kinnaird said. “This milestone marks the completion of the last stages of development prior to the China Food and Drug Administrations (CFDA) submission.”
The two companies signed a Collaboration and Supply Agreement on Feb. 16, 2015. The agreement will see Joinstar develop, along with Response, develop assays and components for the analyzer. Response will give materials to Joinstar to help manufacture components for Joinstar, which will then help sell the assays.
“We are pleased that this fifth milestone is an indication of the success of the cooperation and of the progress in the collaboration with Response on this project,” Xuyi Zhou, general manager of Joinstar, said.
Response is set to receive 3.8 million over a 15-month agreement, if it meets all requirements. The company has already received 3.01 million.