Biomerica Inc. today announced it was chosen for a $1.75 million master services agreement with an undisclosed life sciences company to develop in vitro diagnostic assays.
“The $1.75 million in initial development fees provides near-term revenue visibility and demonstrates that the capabilities Biomerica has built over more than 40 years,” Biomerica Chief Executive Zack Irani said in a statement.
Under the three-year agreement, all development work will be performed at Biomerica’s facility in Irvine.
The biomedical company, which makes diagnostic tests with a focus on gastrointestinal and inflammatory diseases, last year expanded its contract development and manufacturing organization (CDMO) services to meet growing market demand.
Shares in Biomerica were down 2.2% to $2.40 apiece and a $7.4 million market cap (Nasdaq: BMRA).
