Why the AnteoTech (ASX:ADO) share price is advancing 9% today

The company is set to enter new geographical markets…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The AnteoTech Ltd (ASX: ADO) share price is accelerating to a 2-month high today. This comes after the surface chemistry company announced a distribution agreement for its EuGeni Rapid Diagnostic Platform.

At the time of writing, AnteoTech shares are swapping hands for 23 cents apiece, up 9.52%.

asx 200 share investor climbing up stairs of an upward trending red arrow into the sky and clouds

Image source: Getty Images

AnteoTech expands market presence

According to its release, AnteoTech advised it has signed an exclusive distribution agreement with Ramma Dental. This will see the EuGeni Reader platform and COVID-19 Antigen Rapid Diagnostic Test dispersed in both Greece and Cyprus.

The deal will come into effect from 1 October and be valid for an initial term of 3 years. A further 2 years can be extended by mutual agreement.

Both companies will assess large enterprise opportunities on a case-by-case basis.

Following the latest partnership, AnteoTech has secured distribution agreements across 13 countries. These include Australia, the United Kingdom, New Zealand, Thailand, Malaysia, Singapore, Philippines, Vietnam, Indonesia, Turkey, Myanmar, Greece and Cyprus.

AnteoTech is now recruiting experienced candidates based in Australia and internationally to strengthen and support its sales and marketing activities.

Furthermore, the company is working with certain distributors to complete the regulatory requirements to register the EuGeni reader and test. It noted that once the process has been completed, the distributors can commence selling the EuGeni platform in their markets.

AnteoTech CEO, Derek Thomson said:

AnteoTech is aggressively growing the sales pipeline for the EuGeni reader by locking in distribution agreements that allow us to rapidly scale-up the platform's roll-out. Similar agreements to the one we have announced today with Ramma Dental are pending which will further expand our geographical footprint and we look forward to reporting these.

Mr Thomson went on to add:

Concurrently, we are advancing regulatory approvals as quickly as possible in multiple markets. This is a critical pillar in establishing a sustainable business over the longer-term, and ensures that the EuGeni platform is recognised as the preferred and most dependable rapid test in these markets.

AnteoTech share price summary

Over the past 12 months, AnteoTech shares have jumped almost 280%, with year-to-date closing in on a 120% gain.

AnteoTech commands a market capitalisation of roughly $453.1 million and has approximately 2 billion shares on its registry.

Motley Fool contributor Aaron Teboneras 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.

More on Share Market News

Ten happy friends leaping in the air outdoors.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a sour end to the trading week this Friday.

Read more »

A cool young man walking in a laneway holding a takeaway coffee in one hand and his phone in the other reacts with surprise as he reads the latest news on his mobile phone
Broker Notes

Guess which ASX stock could more than triple in value according to Morgans!

A 285% return could be on the cards here according to the broker.

Read more »

A happy youngster holds a giant bag of carrots at a supermarket fruit and vegie section, indicating savings made by buying in bulk.
Opinions

2 ASX shares I'd buy if the market fell another 10%

Pullbacks are great times to buy...

Read more »

A group of friends push their van up the road on an Australian road.
52-Week Lows

This ASX 200 stock just hit a multi-year low. Here's what's behind the slide

CAR Group shares hit a multi-year low as selling continues.

Read more »

A man sitting at his dining table looks at his laptop and ponders the share price.
Materials Shares

ASX lithium shares 'compelling' as top broker adjusts ratings

UBS predicts the global oil shock caused by the war in Iran will drive higher demand for electric vehicles.

Read more »

a woman wearing a sparkly strapless dress leans on a neat stack of six gold bars as she smiles and looks to the side as though she is very happy and protective of her stash. She also has gold fingernails and gold glitter pieces affixed to her cheeks.
IPOs

The newest ASX gold company makes a strong debut on the bourse, up more than 20%

Shareholders would have to be happy with this first day.

Read more »

A cool young man walking in a laneway holding a takeaway coffee in one hand and his phone in the other reacts with surprise as he reads the latest news on his mobile phone
Dividend Investing

8% yield: The ASX is getting a new dividend stock that pays out monthly

This soon-to-be stock has averaged an 8% yield since 2016...

Read more »

Red buy button on an Apple keyboard with a finger on it.
Broker Notes

Brokers name 3 ASX shares to buy right now

Here's why brokers are feeling bullish about these three shares this week.

Read more »