Response Biomedical reaches co-development milestone
It reached the $360,000 mark after the successful delivery of components in a rapid immunoassay analyzer in development by Joinstar. The agreement between the two companies will lead to cash earnings of $3.9 million assuming that Response meets production commitments. Of this, the company has netted $1.64 million.
"This development milestone demonstrates the continued progress we are making in this important collaboration," Response's intermediate CEO Anthony Holler said. "Response is using its core capabilities in research and technical development to create an additional revenue stream which will complement our sales from our current distributors in China.”
The device will be used in the testing the presence of a particular microorganism or compound within the human body. Joinstar specializes in the development and manufacture of biological analysis devices, specifically in vitro diagnostics. It is based in Hangzhou in the Zhejiang Province of China.
"We are pleased to have reached this third milestone as an indication of the success of the cooperation and collaboration with Response in this project,” Joinstar General Manager Xuyi Zhou said.