UPDATE 2.45pm: Shares in OBJ Limited more than doubled after the Leederville-based biotech announced a product development and licensing agreement with US consumer products giant Procter & Gamble.
The agreement centres on OBJ's proprietary magnetic micro-array drug delivery and product enhancement technologies.
The technology allows for the movement and penetration of drugs and active ingredients at a molecular level without the need for chemical solutions.
Under the terms of the deal, P&G will secure worldwide exclusive access to OBJ's technology in specific consumer product categories.
P&G said the signing of the product development agreement, agreed licensing terms and initial product development plans was the culmination of a three-year development and testing program.
OBJ said the deal covered the key terms of an overarching licensing agreement that would be applied to all new products developed under the product development agreement.
OBJ noted the agreement could be expanded to other products and technologies.
Shares in the company soared as high as 10 cents before closing up 3.7 cents, or 92.5 cents, at 7.7 cents.