- Advance Nanotek (ANO) has teamed up with Astivita (AIR) to create an antimicrobial hand, face and body moisturiser
- The moisturiser will include SPF15, with a percentage of zinc and hinokitiol
- The companies have filed for a joint patent application
- There is no claims this product with cure or stop contracting COVID-19
- However, the product has been sent to MSL Solution to test its effectiveness against the virus
- On market close, Advance Nanotek is up 1.18 per cent and is trading for $4.30, while Astivita remains unchanged, trading for 70 cents apiece
Advance Nanotek (ANO) has teamed up with Astivita (AIR) to create an antimicrobial hand, face and body moisturiser.
In their bid to create the products and get them on the market, the companies have filed a joint patent application.
The moisturiser will include SPF15, which has a percentage of zinc and hinokitiol.
The Advance Nanotek board has stated there are no claims that this product will cure COVID-19 or prevent the virus being contracted. However, the product has been sent to MSL Solutions to test its effectiveness against COVID-19.
How does this test work? Well, the product is tested against the feline coronavirus which is the 'surrogate' for COVID-19.
The results won't be received for some weeks.
For the 2020 financial year, the company said revenue will not be impacted by these products and cannot yet predict what impact there'll be, if any, for the 2021 financial year.
In March, Advance Nanotek released an announcement regarding a patent application, which saw the company's shares being suspended for a prolonged period.
"Although the Board doesn’t necessarily agree with the market relevance of the questions or the responses to those questions, the Board is eager to avoid a further unnecessary suspension," the company said.
Due to this, the company went into detail about the patent in its announcement.
On market close, Advance Nanotek is up 1.18 per cent and is trading for $4.30, while Astivita remains unchanged, trading for 70 cents apiece.