Universal Biosensors, Inc. announced that it has entered into a global exclusive License Agreement with IQ Science Limited for commercialisation of a SARS-CoV-2 N-Protein detection test (which is the virus that causes COVID-19 and herein referred to as COVID-19 Test). The COVID-19 Test will use UBI's proprietary electrochemical strip and device technology designed to provide a positive or negative result as to a patient's viral status within 30 seconds (based on internal validation work performed to date) from a small saliva sample. UBI's electrochemical test method also has the potential to measure the relative viral load associated with a patient's infection status. UBI has been working with Dr. Shalen Kumar of IQ Science for 6 months performing due diligence on the aptamer technology and the performance quality of IQ Science products. IQ Science was founded by Dr. Kumar in 2020. Dr. Kumar is a leader in the field of aptamers and a specialist in the generation of ssDNA aptamers capable of binding small molecules for applications in diagnostics platforms. He has over 12 years' experience in the field of aptamers with 8 patent inventions and has successfully developed ELONA assays, Microfluidic systems, Electrochemical biosensing and lateral flow assays. IQ Science has a small number of highly specialised staff working exclusively in the field of aptamer development. The License Agreement includes the following commercial terms: The License is global, exclusive, and perpetual. Payment of Commercialisation Fees is triggered on the earlier of receiving a regulatory approval for the COVID-19 Test or generating $1 million of sales from the sale of the COVID-19 Test (these conditions are referred to as the Commercialisation Date). Where Commercialisation Fees are not yet payable, a Pre-Commercialisation Fee of $50,000 per year will be paid for a maximum of three years. Where Commercialisation Fees become payable, either: a minimum payment of $50,000 in the first year which increases by $100,000 each year up to a maximum of $450,000 in the fifth year and thereafter will be paid; or if greater than the minimum payment detailed above, Commercialisation Fees will be calculated based on a percentage of sales typical of transactions of this nature. A `reasonable endeavors' commitment from UBI to commercialise the COVID-19 Test. The License will become non-exclusive if the COVID-19 Test is not commercialised within 5 years. Minimum Commercialisation Fees will cease and ongoing Commercialisation Fees payable will be calculated using a reduced percentage of Net Sales to compensate for non-exclusivity. The License contains a buy-out option which can be exercised by UBI under certain circumstances at a cost of 6 times the maximum Commercialisation Fees paid in any year over the previous 5 years. There are no upfront payments. UBI will be responsible for funding and obtaining all regulatory approvals and all commercialisation activities. The License has standard termination options but may not be terminated at any time for convenience.