Hot stock: Biolidics shares climb 35.5% on LC-Bio partnership in China

SHARES of Catalist-listed Biolidics climbed on Thursday after the company announced on Wednesday its tie-up with China's LC-Bio to develop cancer-diagnostic solutions.

The company's shares surged to an intra-day high of S$0.42, up 35.5 per cent or S$0.11. As at 2.46pm, shares of Biolidics were trading at 40.5 Singapore cents, up 30.6 per cent or 9.5 cents, with 51.6 million shares changing hands.

Under its five-year agreement with LC-Bio, Biolidics will be LC-Bio's exclusive partner in China for the development of cancer-diagnostics solutions at the latter's laboratory in Hangzhou.

Biolidics will provide all necessary materials and relevant consumables required by the project, while LC-Bio will provide the qualified medical laboratories and space required.

At end-June 2020, Biolidics shares sank 22 per cent after the firm announced that it mutually agreed with Aytu BioScience to terminate a distribution agreement for its Covid-19 antibody test kits in the US, amid increased competition for such kits.