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TORONTO, ONTARIO - Micromem Technologies Inc. (CSE: MRM) (OTCQB: MMTIF), a $30.21 million market cap company specializing in sensor applications, has finalized a Research Collaboration Agreement with the University of Toronto (UofT) and the Department of National Defence (DND). The company’s stock has shown remarkable momentum, gaining nearly 129% over the past six months, according to InvestingPro data. This partnership, part of a project titled "Development of a Nanowire Field Effect Transistor Biochemical Sensor," aims to create advanced sensors for both military and industrial use, including the detection of fentanyl along the Canadian border.
The project, led by Professor Ruda of the UofT, has been underway for approximately two years and has shown promising developments in state-of-the-art biochemical sensors. These sensors are designed to be miniaturized, cost-effective, and capable of detecting a wide range of substances in different environments. While InvestingPro analysis indicates the company maintains a FAIR overall financial health score, its current EBITDA stands at -$0.58 million, highlighting the importance of successful commercialization of these innovations.
The collaboration involves Defence Research and Development Canada (DRDC) Suffield Research Centre and Micromem. The technology focuses on InAs nanowires, which have recently been used to detect ethanol vapor at the single-molecule level. The potential applications of such sensors are vast, ranging from environmental monitoring to national security, including the detection of harmful contaminants or chemical warfare agents, and medical applications such as drug screening and DNA sequencing.
Upon completion of this project, Micromem expects to produce measurement systems for portable applications, which will benefit civilian sectors by detecting volatile organic compounds (VOCs), among other uses. DRDC will utilize the technology for in-field operations.
Micromem Technologies Inc. operates across various industries, including oil & gas, utilities, automotive, healthcare, and government, focusing on creating solutions for unmet market needs. This agreement is poised to enhance the company’s offerings and provide significant benefits to multiple industries, as well as the environment and public health.
The information for this article is based on a press release statement.
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