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- Anteotech (ADO) records $2.2 million in cash outflows for the quarter as it ramps up activities to bring its COVID-19 Rapid Antigen Test (RAT) to the market
- The company is working towards a clinical trial in Europe which, if successful, will meet both TGA and EU common list requirements
- The company managed to secure a number of initial orders for RAT tests in some European market segments, and is working towards approvals for market entry in the UK
- Despite the quarterly loss, it remains well funded to support future business activities, with $14.2 million in cash
- Shares are trading 5.36 per cent lower today at 13.3 cents each
Anteotech (ADO) has recorded $2.2 million in cash outflows for the quarter as it ramps up activities to bring its COVID-19 Rapid Antigen test (RAT) to the market.
The company is working towards a clinical trial in Europe which, if successful, will meet both TGA and EU common list requirements. It achieved final site selection and expects patient recruitment to begin by the end of this month.
It managed to secure a number of initial orders for RAT tests in some European market segments, and is working towards approvals for market entry in the UK.
Anteotech is aiming to accelerate business development opportunities by showcasing its RAT test at a conference in Portugal.
Meanwhile, market entry into Southeast Asia has been postponed as increased supply placed downward pressure on test prices and hindered the company’s ability to turn a profit.
Cash receipts for the quarter came in at $261,000, but it wasn’t enough to cover expenses.
The company’s largest expenditures were on research and development and staffing costs.
Despite the loss, Anteotech remains well funded to support future business activities, with $14.2 million in cash.
Looking ahead, the company has a number of upcoming management changes with CEO Derek Thompson stepping out of his role and Chair Dr Jack Hamilton planning to retire.
However, it is onboarding Conor Marley as Chief Commercial Officer for the interim, who will progress commercial discussions and negotiations.
Shares were trading 5.36 per cent lower today at 13.3 cents each at 12:29 pm AEST.
