Archer Materials Ltd (ASX:AXE, OTC:ARRXF) has had a busy quarter, demonstrating the ability of its 12CQ chip qubits to retain quantum coherence properties under an inert atmosphere at room temperature and gaining admission to the S&P/ASX All Technology Index.
As of December 31, 2021, Archer maintains it is well funded with about $29 million in cash and zero debt after raising $25 million in an institutional placement and share purchase plan.
The company also secured a research and development tax refund to the tune of $459,368 from the Australian Tax Office under its R&D incentive scheme.
Pure, deep tech-focused company
“The in-specie distribution of the iTech Minerals Ltd shares, change of GICS code to semiconductor and Archer’s admission to the S&P/ASX All Technology Index was completed during the Quarter,” Archer materials executive chair Greg English said.
“Archer is now recognised as a pure deep tech-focused company. During the Quarter, we were able to show that the 12CQ qubits quantum coherence properties are preserved under an inert atmosphere at room temperature.
Read: Archer Materials shares rise after early-stage validation of qubit robustness
“The fact that this work was done using qubits that had experienced a shelf-life of many years highlights the robustness of the fundamental components of the 12CQ quantum computer chip.
“During the quarter, Dr Choucair and his team successfully fabricated microfluidic channels required for the biochip and integrated sensor components and other features within them on a silicon wafer.
“The share purchase plan and share placement completed during the Quarter raised $25 million (before expenses) and the company is now well funded.
“The funds raised will allow the company to continue the development of the 12CQ quantum computer chip and the biochip.”
Read: Archer Materials’ “special year” sets stage for increasing role in quantum computing
About Archer Materials
Archer is a technology company that operates within the semiconductor industry.
The company is developing and commercialising advanced semiconductor devices, including chips relevant to quantum computing and medical diagnostics.
It has strong intellectual property, world-class in-house expertise, a unique materials inventory, and access to Tier 1 technology development infrastructure.