Universal Biosensors (UBI) has strengthened its partnership with Siemens Healthcare Diagnostics, announcing it has signed a long term supply and manufacturing agreement which will see UBI become the exclusive manufacturer of three test strips currently being jointly developed for the point-of-care (POC) coagulation testing market.
Universal Biosensors is developing with Siemens, a range of products for the POC coagulation testing market. The signing of the supply and manufacturing agreement represents an important milestone for Universal Biosensors in the lead up to the launch of the first product in this range, a PT-INR testing system used to monitor the application of the anti-coagulant therapy Warfarin, which is expected to be commercially available in 2013.
Apart from the ongoing R&D milestone payments to be received from Siemens, Universal Biosensors will generate a return on its R&D investment in coagulation testing via its gross margin earned on the manufacture and supply of test strips to Siemens. In addition, consistent with the collaboration philosophy, Universal Biosensors will share in incremental profits generated by Siemens on sales of these products that exceed their current forecasts by a specified amount.
UBI CEO Paul Wright said, “The signing of this Supply Agreement is a major step forward in our relationship with Siemens and towards our shared vision for bringing a range of novel handheld analysers to the POC coagulation testing market. Universal Biosensors will leverage its existing infrastructure to offer world-class manufacturing support to Siemens and create a new and important long term earnings stream for our business.”