In 2009, the two companies entered an updated master services and supply agreement, under which UBI agreed to be a manufacturer of blood glucose sensor strips. UBI manufactures the disposable test strip for the Verio product in its Rowville, Melbourne facility.

Mark Morrisson, CEO of UBI, said: “The Netherlands is a best choice for a first European launch. It is a competitive marketplace that values the technology attributes developed by UBI. Regulators and key opinion leaders around the world are focussing on improved accuracy of glucose monitoring devices. We believe Verio product has industry leading attributes and will be successful in the market place.

“There are approximately 16bn glucose sensor strips sold worldwide into a market in which LifeScan is a major participant. Universal Biosensors is currently developing other point-of-care blood tests from its technology platform, which it intends to partner in due course.”

The company said that CE marking for the product was approved in November.