The AnteoTech Ltd (ASX: ADO) share price is on the move today.
This comes after the nanotechnology company announced a regulatory update regarding its COVID-19 Rapid Antigen Test (RAT).
At the time of writing, AnteoTech shares are soaring 32.98% higher to 12.5 cents a pop.
AnteoTech expands market access
Investors are fighting to get a hold of the AnteoTech share price after the company received regulatory approval in Europe.
According to its release, AnteoTech advised it has successfully registered an updated EuGeni COVID-19 (RAT) in Europe. This comes under the In Vitro Diagnostic Directive (IVDD) 98/79/EC Regulations.
Management stated that the new registration is for the same core SARS-CoV-2 Ag Rapid Diagnostic Test registered in April 2021. However, this now covers multiple use claims to include combined nose and throat sampling and nasal mid-turbinate sampling.
By securing the latest registration, this strengthens EuGeni COVID-19 RAT's competitive position by broadening sampling methods to current European trends.
Currently, the European clinical trial that is underway is also evaluating the updated multiple-use claim to be included in the EU Common List registration application.
AnteoTech said it will phase out the original nasopharyngeal test following orders for the updated multiple-use claim test kits.
About the AnteoTech share price
Despite today's euphoric gains, the AnteoTech share price has lost around 60% in value over the past 12 months.
The company's shares touched a 52-week low of 8.5 cents last week after being pounded by the broader market weakness.
Based on valuation metrics, AnteoTech presides a market capitalisation of roughly $374.3 million.
