The Anteotech Ltd (ASX: ADO) share price is up 18.75% in late afternoon trading, after initially leaping by nearly 23% this morning. The surge in the Anteotech share price comes on the heels of the company's announcement to the ASX just after today's market open. The announcement revealed progress with Anteotech's high sensitivity COVID-19 antigen rapid test moving toward full commercialisation.
Year to date, the Anteotech share price is now up 90%. That compares to an 11% loss for the All Ordinaries Index (ASX: XAO).
What does Anteotech do?
Anteotech is a surface chemistry company holding IP rights over its core technology product groups. Those are AnteoCoat, AnteoBind and AnteoRelease. The company seeks to solve global industry problems through value-added solutions for its clients, including in the diagnostics, life sciences and energy markets.
Anteotech shares first began trading on the ASX in April 2000.
What's moving the Anteotech share price?
This morning Anteotech announced it completed the second phase of the development of its COVID-19 high sensitivity antigen test, 'design verification', earlier than forecast. The company is now progressing to the third phase of development, 'design validation'. This phase includes clinical trials to gain regulatory approval.
Anteotech also announced it will roll out its stand alone COVID-19 antigen first to meet urgent demand needs. It will roll out its COVID-19 Flu A / Flu B multiplex test in a second stage later in 2020.
Should clinical trials for the COVID-19 stand alone tests prove successful, the company plans to apply for regulatory approval in Australia and the United States simultaneously. Anteotech estimates that the trials and subsequent approval process will take 5 to 8 months to complete.
Addressing the progress, Anteotech's CEO, Derek Thomson, said:
We are very pleased with the progress we are making on the COVID-19 antigen Flu A / Flu B test development. We believe we have a proven working COVID-19 test with sensitivity far higher than we originally anticipated and this provides us with confidence that we can make a significant contribution to the fight against COVID-19. Our development program is on track and I thank the Life Sciences team for their continued commitment to this very important project.
Anteotech is currently in discussions with the Therapeutic Goods Administration to determine the precise requirements for the clinical trial in the Australian market.
