Shares of the Australian biotechnology firm, Memphasys (ASX:MEM), have jumped by as much as 25.9% to A$0.017.

If current gains hold, this will be the company’s best day since August 22, 2022.

The firm’s stock has also hit its highest point since July 14.

The increase in stock prices came in the wake of Memphasys' announcement of an exclusive agreement with Vitrolife Japan.

The agreement grants Vitrolife Japan the exclusive right to sell and distribute the Felix™ System in Japan.

Felix™ is an automated device designed for use with single-use cartridges, which serves the purpose of preparing sperm for human IVF procedures.

Despite the recent upturn, Memphasys' stock has seen an overall fall of 3.6% so far this year as of the last close.

Memphasys is a reproductive biotechnology company primarily engaged in creating solutions for human IVF procedures.