Annual Report to Shareholders
Melbourne, Oct 26, 2016 AEST (ABN Newswire) - Bluechiip Ltd (
ASX:BCT) is pleased to provide its Annual Report 2016 to shareholders.
Bluechiip Highlights
- UNIQUE AND FULLY PATENTED TECHNOLOGY combining secure wireless tracking with integrated temperature sensing for extreme environments.
- $2b+ bio-preservation / bio-storage target market.
- Repeat revenue from license fees, service and product sales (2nd half FY2016 $150k).
- 24 patents granted Bluechiip "owns" this space.
- PIPELINE OF MORE THAN 15 PARTNERS with initial revenue from developer kits and validation customers.
- HIGH SALES GROWTH expected in short to medium term on IVF product release early 2017
- Supply agreement executed with fertility treatment specialists Genea Biomedx in the highvalue IVF market, with global distribution through a major global pharmaceutical company
- GOVERNMENT CO-FUNDED PROJECTS with University of Melbourne and Swinburne University to make Bluechiip's technology adaptable and suitable for various formats with significant value enhancement
- Trial and developer agreements in protein crystallography, cell therapies, general biobanking and auto identification and data capture markets.
- Large adjacent market opportunities (e.g. cold chain logistics, food, security and anti-counterfeiting).
Key accomplishments:
- The Bluechiip reader has been configured for OEM and is now being adopted by an OEM partner.
- Establishment of a technical sales and support team and a developer kit. We are now beginning to train and assist OEM companies to integrate the chip and reader into their own systems.
- Expansion of our North American market presence with two business and development representatives based in Chicago and San Francisco.
- Engagement of several lead customers to evaluate and validate our products. Bluechiip technology was installed in Autism CRC Biobank in March and orders received from new firms to trial our sample tracking technology in June. After year end, in August, we sold and installed a starter kit to the Chinese Centre for Disease, Control and Prevention (CCDC), based in Beijing.
- We are demonstrating a visible revenue stream through OEM licensing fees in the IVF sector. We have also received initial revenue from developer kit sales and validation customers.
Projects in progress:
- We are engaged in Government co-funded projects with the University of Melbourne and Swinburne University to make 'Bluechiips' adaptable and suitable for various formats.
- In September 2015 we were approved by Research Connections to receive Australian Federal Government grant assistance to develop new Cryo Tag and Reader technology. From the excellent work undertaken with the Center for Neural Engineering at the University of Melbourne we filed a provisional patent application for an over temperature 'Bluechiip' in September 2016.
- We are now standardising the chip reader for direct customer sales. We have a mature mobile handheld reader and a prototype multi-vial reader. We also released a Bluechiip Button for customer trials in the Biobanking retrofit market and a Bluetray has been developed to demonstrate the ability to continuously read samples temperatures of samples in transit.
- We are building a track record of real product applications for OEM proof.
-- Fully executed OEM agreement in IVF
-- Two agreements in place for protein crystallography and cell therapies
-- OEM pipeline has grown from two to over 15 companies
-- In September 2016, Bluechiip signed a Technology Evaluation Agreement with a US-based Auto ID and Data Capture Company
-- Bluechiip entered a major partnership with the signing of two agreements with Planet Innovation (PI), winner of BRW Australia's Most Innovative Company for the last two years
- Highlight - Bluechiip & Genea Biomedx License and Supply Agreement executed in Dec 2015
-- Bluechiip and Australian fertility innovator Genea Biomedx, entered into a license and supply agreement to incorporate Bluechiip's sample tracking technology into Genea Biomedx's range of ART instruments, used in IVF clinics worldwide.
-- In February 2016 we successfully completed the concept due diligence milestone and continued to progress to the product development phase
-- In July 2016 we successfully displayed our tracking technology at the European Society of Human Reproductive Embryology (ESHRE) trade show in Helsinki, Finland.
To view the annual report, please visit:
http://abnnewswire.net/lnk/4ISG1P9K
About Bluechiip Limited
Bluechiip Ltd (ASX:BCT) understands that every sample - stem cells, blood, eggs, sperm and other biospecimens - is critical, so our objective is to manage each one with optimal quality in the most efficient way. Bluechiip's advanced management solution is the only one that provides sample temperature with ID in cryogenic environments to. Most importantly, this delivers confidence in every sample.
Bluechiip's unique patented technology is a MEMS-based wireless tracking solution that contains no electronics. It represents a generational change from current tracking methods such as labels (hand-written and pre-printed), barcodes (linear and 2D), and Radio Frequency Identification. Bluechiip tags are either embedded or manufactured into storage products such as vials or bags. Each product can be easily identified, and critical information such as sample temperature, is detected by readers and stored in the Bluechiip software. In addition to functioning in extreme temperatures, the Bluechiip(R) Advanced Sample management solution can survive autoclaving, gamma irradiation sterilization, humidification, centrifuging, cryogenic storage and frosting.
Bluechiip's technology has applications in healthcare, including in cryogenic storage facilities (biobanks and biorepositories), pathology, clinical trials and forensics. Other key markets include cold-chain logistics/supply chain, security/defence, industrial/manufacturing and aerospace/aviation.
Bluechiip: Delivering confidence in every sample.
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