The AnteoTech Ltd (ASX: ADO) share price has soared since the start of the pandemic as the company has worked to create a COVID-19 rapid antigen test.
Enthusiasm surrounding the now-developed point-of-care rapid testing device has helped boost the company's stock by more than 1000% since the start of 2020.
AnteoTech's EuGeni testing device is now reportedly widely used in the United States and Europe. However, the Queensland-based company's test is facing ongoing delays for Australian approvals, much to the frustration of AnteoTech's boss.
At the time of writing, the AnteoTech share price is 31.5 cents, 3.28% higher than its previous close.
For context, the S&P/ASX 200 Index (ASX:XJO) is up 0.86% right now.
Is the AnteoTech COVID rapid test locked in TGA delays?
AnteoTech's calls for more rapid testing have been answered, but the company's product still can't be found in Australia.
AnteoTech CEO Derek Thomson reportedly told Queensland's The Courier Mail, the company pushed the state government to accept rapid tests as a measure to screen for the virus. Last week, the publication quoted Thomson as saying:
We've always said that rapid testing has a place to be used to control the pandemic and now we're seeing that play out…
There's too much stress on the PCR testing system in all Australian states and it's really not necessary to go to the full extent of doing a PCR test when you've got rapid tests readily available now.
Days after Thomson's comments, Queensland Premier Annastacia Palaszczuk declared the state would allow arriving travellers' entry after they receive a negative rapid test. Previously, arrivals had to receive a negative PCR test.
Further, Palaszczuk announced close contacts in Queensland will soon be given access to 18 million free rapid antigen tests at COVID-19 testing sites yesterday, saying:
We know the transition to RAT tests for close contacts will reduce some of the pressure we have seen at testing clinics in recent weeks, ensuring those with symptoms can be tested sooner.
Still, Thomson reportedly noted it's "quite frustrating" the Therapeutic Goods Administration hasn't approved the use of the AnteoTech's COVID-19 rapid antigen test.
That's despite the potential its approval could lead to millions more 15-minute tests being made available to Australians. The EuGeni testing device has been proven to be accurate 97.3% of the time.
