The Archer Materials Limited (ASX: AXE) share price is climbing after news the company has secured access to the infrastructure it needs to continue developing its biochip.
The company's new access to world-class facilities means it can continue working towards biochip feature sizes of less than 10-nanometres.
At the time of writing, the Archer Materials share price is up 3.5%, trading for 89 cents.
Let's take a closer look at the news out of the materials technology developing company today.
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Next step towards a 10-nanometre biochip
Today, Archer announced it has access to some of the rare instruments and facilities able to work on nanoscale devices. As a result, the company can begin scaling down its biochip technology to 10 billionths of a metre (10-nanometres (nm)).
The company's biochip is a lab-on-chip device. It allows medical laboratory tests on an integrated circuit and includes multiple functional areas and componentry. It also includes microfluidic channels and active biosensing areas.
Replicating the abilities of the Biochip on a scale of less than 10nm would place Archer's technology as the global best-in-class in the semiconductor industry, the company has said previously.
Archer's access to a suite of deep tech infrastructure resources adds to its access to a $150 million research and prototype semiconductor foundry where it fabricates its devices.
Commentary from management
Archer CEO Dr Mohammad Choucair welcomed the news, saying:
We are very pleased to secure access to world-class facilities that would otherwise be extremely costly to purchase and operate ourselves.
Archer's growth has involved integrating the company's early-stage tech development within institutional scale operations, and this ultimately translates to maintaining a strong cash position and no corporate debt.
Archer Materials share price snapshot
The Archer Materials share price is having a fantastic year on the ASX.
Currently, the Archer Materials share price is up 71% year to date. It's also up 423% over the last 12 months.
The company has a market capitalisation of around $194 million, with approximately 226 million shares outstanding.
