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.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL