AnteoTech surged 26% on Thursday after the $137 million market cap health tech announced that all development processes and internal testing procedures for a new rapid COVID-19 test are complete. The milestone means the company has completed all processes required to declare a “design freeze”.
The product is a high sensitivity COVID-19 Antigen Rapid Test, for which saliva sampling work conducted by AnteoTech indicates that the test can detect SARS-CoV-21 antigen in artificial mucus. The test completion is achieved in under 15 minutes which includes less than a 1-minute analysis time in the reader.
Anteotech also advised that clinical trial planning discussions with the Victorian Infectious Diseases Reference Laboratory and underway and on track for December 2020 commencement. Key supply agreements have also been signed, as well as a Memorandum of Understanding with Operon (Spain) for contract manufacturing to supply overseas markets.
Initial discussions for contract manufacturing in Australia via Ellume have also been completed.
The test is on track for launch in late Q1 CY2021 to the beginning of Q2 2CY021, and the company is confident that the global market outlook and demand remains strong.