At last check in pre-market trading, shares of GBS Inc. (GBS) were down -3.31% at $3.80. Last session, GBS stock rose 33.2%, or $0.98, to $3.93. GBS stock fluctuated between a price range of $3.28 and $4.65. There were 8.28 million shares traded, exceeding GBS’ average daily volume over the past 50 days, which was 0.58 million, and the average volume for the year, which was 0.53 million.
GBS’ stock has fallen -0.25% over the past week while it has fallen -48.63% over the past six months. During the last three months, GBS stock has declined by -29.32%, and since the beginning of the year it has lost -46.89%. GBS stock fell even after the company was awarded a $4.7 million grant by the Australian Federal Government.
What was the purpose of the grant?
GBS is a life science company that develops non-invasive, real-time monitoring and diagnostic tests that assist patients in monitoring and diagnosing medical conditions. Through its Biosensor Platform, GBS creates and launches diagnostic tests that people with diabetes urgently need to help them live a healthier life.
A US$4.7 million, Australian Federal Government scientific grant has been awarded to GBS for the development of a biosensor manufacturing facility.
- Under the Modern Manufacturing Strategy (MMS), the Government has identified this as one of six National Manufacturing Priorities.
- Through the Australian Federal Government’s Modern Manufacturing Initiative, the Medical Products Priority Grant will support the establishment of an Australian medical device manufacturing facility that will scale up the production of the Printable Organic Electronic Biosensor technology for the Asia Pacific region.
- Saliva Glucose Biosensors (SGB), GBS’s flagship product, will offer non-invasive blood glucose testing to people with diabetes by providing a non-invasive alternative to finger-stick glucose testing.
- Through alternative testing methods, such as the use of an Organic Thin-Film Transistor (OTFT), the more than 460 million people who live with diabetes in the world can now determine their glucose level in real-time on an app or device.
GBS’ COVID diagnostic plans:
A rapid point-of-care diagnostic test called the SARS-CoV-2 Antibody Biosensor is also planned as an addition to the SGB and GBS intended to monitor exposure and immunity in real time in a bid to combat COVID-19. GBS is developing the SARS-CoV-2 Biosensor in collaboration with Harvard University’s Wyss Institute for Biologically Inspired Engineering. It is expected that GBS’ biosensor technology will integrate with the Institute’s eRapid electrochemical sensor technology to enable the detection of multiple SARS-CoV-2-related biomarkers simultaneously for point-of-care COVID-19 diagnostics.
