Micropoint Biotechnologies Co Ltd signs a deal with the Nantong Economic and Technological Development Area in East China's Jiangsu province on Nov 2. [Photo provided to NETDA] 

Shenzhen-based Micropoint Biotechnologies Co Ltd on Nov 2 signed an agreement to build a one-billion-yuan ($140.74 million) microfluidic biochips manufacturing facility in the Nantong Economic and Technological Development Area in East China's Jiangsu province.  

The project is expected to produce 960 million pieces of microfluidic biochips and 10 million testing devices a year, generating an annual output value of 6 billion yuan as well as 300 million yuan in taxes, according to authorities.  

Established in 2007, Micropoint manufactures products related to microfluidic techniques and platforms. The company currently has three Europe patents, 17 US patents and 19 China patents. 

Boasting an accuracy rate of 99.57 percent, Micropoint's newly developed COVID-19 antibody detection platform is already being used in China. The platform is also undergoing trials in several other countries. 

Bao Delin, director of the administrative committee of NETDA, said that the new facility will significantly speed up the development of the area's biomedicine industry.  

He added that authorities will provide better services and streamline approval procedures so that the construction of the project can begin as soon as possible.