Archer Materials (ASX:AXE) extended its partnership with Queen Mary University of London to build on work for quantum bit demonstration as part of its quantum technology program, according to a Monday Australian bourse filing.
Quantum bit, or qubit, is used in encoding data in quantum computing, according to IBM.
The cost of the six-month extension to the partnership is estimated to be about AU$279,000.
Archer Materials' shares fell 3% in recent Monday trade.
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