UBI picks up Vic govt technology voucher

The Victorian government has awarded Universal Biosensors (ASX:UBI) and six other technology companies grants worth a combined $1.6 million to pursue implementation projects.

The seven companies have been selected as the recipients of the first round of the government’s $9 million Technology Implementation Voucher program.

Each company will receive up to $250,000 for their various projects. Universal Biosensors will use its voucher for a project to develop cardiac marker biosensor devices.

Other recipients include IntelliMedical Technologies, which is developing a steerable microguidewire device for use in medical procedures, and Sapien Technology, which will use the funds to help produce a cloud-based livestock weight management system.

Rounding out the list of successful applicants are Tasweld Engineering, ZyGEM, Micronisers and Circa Group.

Universal Biosensors earned revenue of $19.4 million in FY12 from the first product on the market incorporating its technology - a self-monitored blood glucose test sold by partner LifeScan.

The company is also working with Siemens Healthcare on blood clot diagnostics tools. The first product from this collaboration is expected to make it to market this year.

Universal Biosensors shares were trading 5.8% lower at $0.65 as of around 2 pm on Monday.