Breathalyser firm applauds Brexit and $4m funding vow

Ross Court-based company Alcolizer, which invented a portable device to detect illicit drugs in the body, just opened an office in Wales, UK.

Research and development manager James Brown said the Brexit decision would make Australian biotechnology, diagnostics, veterinary, agribusiness and manufacturing firms globally more competitive.

Mr Brown said the decision would allow the firm to capitalise on the opportunity free trade agreements opened.

"The Brexit decision helps companies like Alcolizer push for better opportunities into the UK," he said.

"This has a roll-on effect so we can employ more staff from Redlands."

After Friday's vote, $50billion was wiped off the Australian sharemarket and the dollar plummeted to 73c, creating uncertainty about the longer-term impact.

The ASX posted its worst day since August 2015, with the ASX 200 ending trade at 5113.

Federal politicians were hoping the European vote would not cast a pall over Saturday's election.

Bowman MP Andrew Laming met with Alcolizer staff on Monday to find out how the Brexit vote would affect the business and to award the company $3.7million in federal Industrial Transformation Research Hub grants.

Mr Laming said the Brexit decision and the large federal grant would allow Alcolizer to capitalise on freer European trade.

The high-tech company employs 21 Redlanders ensuring talented graduates get jobs close to home.

 "It is expected the resulting technologies will be used at medical points of care, in the workplace and centres of activity to test for minute levels of targeted molecules, including illicit drugs," Mr Laming said.

"I hope Queensland police trial the current generation of drug-testing technology at this year’s Schoolies week.

“Redland families allowing their children to go to Schoolies deserve to know that every effort is made to ensure they come home safe. If you test only for alcohol, Police only get a tiny part of the story.”