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AnteoTech (ASX:ADO) - CEO, Derek Thomson - The Market Herald
CEO, Derek Thomson
Sourced: AnteoTech
  • Surface chemistry company Anteotech (ADO) has received almost $1.2 million in research and development (R&D) tax rebates for 2020
  • The company has been working on point of care testing for COVID-19 and other viruses, as well as next-generation high-energy lithium-ion batteries
  • The R&D refund has put the company in a strong cash position which will enable it to accelerate work getting its COVID-19 rapid antigen test to market
  • A clinical trial is planned for December, and the device could be market-ready by March or April next year
  • Along with the proceeds from the conversion of options, Anteotech now has $6 million in the bank to pursue the next phases of its R&D programs
  • Anteotech is up 7.50 per cent and trading at 10.7 cents

Surface chemistry company Anteotech (ADO) has received almost $1.2 million in research and development (R&D) tax rebates for 2020.

Tax break

Under the Federal Government’s Research & Development Tax Incentive Scheme, companies are entitled to refunds based on costs incurred for domestic research.

The company has been working on point of care testing for COVID-19 and other viruses, as well as next generation high-energy lithium ion batteries.

The hot-button research has put Anteotech in a position to potentially commercialise its novel tech next year to capitalise on demand in the market.

The R&D refund has put the company in a strong cash position which will enable it to accelerate work getting its COVID-19 rapid antigen test to market.

R&D

ADO only just announced positive results relating to the detection of COVID-19 in saliva — removing the need for invasive and uncomfortable nasopharyngeal swabs.

A clinical trial is planned for December, and the device could be market-ready by march or April next year.

Being able to deliver results within 15 minutes from a simple saliva sample will likely be in high demand, even if COVID-19 vaccines are rushed to market and have high uptake.

Along with the proceeds from the conversion of underwritten options, Anteotech now has $6 million in the bank to pursue the next phases of its R&D programs.

Along with the commercialisation and distribution of the COVID-19 Antigen Rapid Test and the completion of commercialisation of the COVID-19 antigen/Flu A/ Flu B multiplex test and sepsis rapid test, the company also as a couple of other projects in the pipe.

ADO will seek to commercialise the cross-linking binder additive, AnteoX, for the silicon composite battery market.

The company will also continue work on its lithium-ion battery anode research and development program and continue seeking commercial opportunities for its high-performance silicon graphite composite products.

Anteotech is up 7.50 per cent and trading at 10.7 cents at 11:03 am AEDT.


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