Ellume is making news and these ASX shares are surging, again

You can’t buy shares in Ellume on the ASX, but here’s the next best.

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Woman prepares to insert a swab in her nose to test for COVID-19 at home.

Image source: Getty Images

Unlisted company Ellume is making headlines again with reports claiming Australian governments are being lobbied to approve the use of at-home rapid COVID-19 tests.

While it would be the dream of many investors to see Ellume debut on the ASX, we have these shares to keep an eye on until then.

Quick refresher on Ellume

Ellume is a Brisbane-based developer of digitally enabled diagnostic products. Nowadays, however, it’s most well known for its at-home rapid COVID-19 tests.

Ellume’s rapid COVID-19 test was the first to receive emergency approval from the United States Food and Drug Administration (FDA).

As The Motley Fool has previously reported, the test developed by Ellume costs around US$30 and takes around 20 minutes to show a result.

It has a 94% success rate when detecting COVID-19. It also has a 96% success rate in detecting the virus is not present.

Why Ellume is boosting ASX shares

Right now, reports are swirling that both state and federal governments are facing pressure to approve the use of at-home COVID-19 tests like Ellume’s.

However, as we reported here, there’s a lot of pushback from government and experts.

But not all hope is lost. News of the unlisted company tends to boost a number of ASX listed shares.

AnteoTech Ltd (ASX: ADO)

Potentially the closest share to Ellume on the ASX is AnteoTech. Right now, shares in AnteoTech are trading for 8.89% more than their previous close. The AnteoTech share price is 25 cents.

One of AnteoTech’s major customers is Ellume. Ellume uses AnteoTech’s AnteoBind technology in their rapid COVID-19 tests.

AnteoTech generally moves when we hear about Ellume.

Atomo Diagnostics Ltd (ASX: AT1)

Another share that’s been boosted by today’s news is Atomo Diagnostics.

Atomo also creates at-home COVID-19 rapid tests. The company partners with Access Bio to bring its integrated device together with Access Bio’s rapid COVID-19 antibody test strips. The resulting at-home rapid test is named CareStart COVID-19 IgM/IgG.

The CareStart COVID-19 lgM/lgG received FDA emergency use approval last month.

The Atomo share price is currently 10% higher, with shares in the company trading for 22 cents apiece.

Memphasys Ltd (ASX: MEM)

Memphasys is another biotech share that the market tends to get excited about when word of Ellume hits the streets. The Memphasys share price is 4.62% higher today, trading at 6.8 cents.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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