Bluechiip cashes in on R&D Tax Incentive

Bluechiip (ASX:BCT) has become the latest life science company to take advantage of the government's R&D Tax Incentive.

The tracking chip technology company revealed in a company update that it has recently received a refund of nearly $920,000 for FY12 under the scheme.

Together with the recent exercise of some options by existing shareholder, Bluechiip has collected nearly $1.1 million to use for existing funding commitments and working capital.

Bluechiip also announced it has been granted a new US patent covering a method of tagging and sterilising items including surgical instruments using a device based on the MEMS (Micro Electro Mechanical Systems) technology used in its key product.

Schwarz said the patent “underlines the platform nature of Bluechiip's technology,” showing it has a broad range of market applications beyond the initial industries being targeted. “The tracking of surgical instruments, including specialist areas such as orthopaedics, is one such use,” he said.

The US FDA has recently proposed new rules requiring most medical devices to ship with a unique device identifier, Schwarz said.

“In some cases the UDI must appear on the device itself, which is where Bluchiip can play a significant role.”

Bluechiip has meanwhile become a platinum corporate partner in ISBER – the International Society for Biological and Environmental Repositories.

Because Bluechiip's eponymous tracking chips are capable of operating in extreme temperatures, the company is targeting initial markets including biorepositories and other cryogenic storage facilities.

Lastly, Bluchiip revealed that CEO Brett Schwarz will present at two upcoming investment conferences in Melbourne – the Australian Microcap Investment Conference in mid-October, and the Australasian Life Sciences Investment Summit in early November.

Bluechiip (ASX:BCT) shares were trading unchanged at $0.260 as of around 3pm on Thursday.