- AnteoTech (ADO) spikes in early trade today after inking up a Southeast Asian distribution deal for its EuGeni rapid diagnostic test (RDT) product
- The company signed the one-year deal with Biomed Global to sell the EuGeni platform to six Southeast Asian countries home to some 340 million people
- CEO Derek Thomson says the distribution deal is a "significant milestone" for the company and the rollout of its EuGeni platform
- Meanwhile, AnteoTech says it is continuing to test out new ways to detect COVID-19 that prioritise patient comfort
- Shares in AnteoTech are up over 8 per cent and trading at 26 cents each at 10:30 am AEST
AnteoTech (ADO) has spiked in early trade today after inking up a Southeast Asian distribution deal for its EuGeni rapid diagnostic test (RDT) product.
The EuGeni kit is a point-of-care system designed to quickly and accurately detect the presence of certain illnesses in humans — including COVID-19.
Today, AnteoTech told investors it has locked in an exclusive distribution deal with Biomed Global to sell the EuGeni product in Malaysia, Singapore, Indonesia, Vietnam, Thailand, and Myanmar — a region of some 340 million people.
Under the deal, Biomed will act as the authorised representative, distributor, and importer of the EuGeni platform for these Southeast Asian territories and will help local medical authorities access EuGeni products.
AnteoTech CEO Derek Thomson said the distribution deal is a "significant milestone" for the company and the rollout of its EuGeni platform.
"We are delighted to be working with Biomed; they have a strong market presence in Southeast Asia and are a well-known and trusted distributor of diagnostic solutions," Mr Thomson said.
"While EuGeni will be a new brand in these countries, rapid diagnostics is an enormous and growing market as we have witnessed over the past 18 months.
"Biomed will drive sales of the EuGeni platform into laboratories, hospitals and major testing centres, supporting our strategy of deploying EuGeni readers, which can then be utilised with the pipeline of tests in development."
He added that the need for rapid COVID-19 testing is on the rise as Asian borders begin to open up and more people are beginning to travel again.
AnteoTech's deal with Biomed will last for one year, though the company said the contract is extendable by an extra two years given both parties agree to continue working together.
The deal comes on the back of a three-month negotiation and due diligence period between AnteoTech and Biomed.
What's more, AnteoTech said it has the capacity to meet immediate demand for EuGeni from the Biomed deal thanks to its manufacturing deal with Operon in Spain.
Alongside the news of the Biomed distribution deal, AnteoTech said it is continuing to test out new ways to detect COVID-19 that prioritise patient comfort.
The company said in April it was evaluating the possibility of using EuGeni to detect SAR-CoV-2, the virus that causes COVID-19, through saliva samples.
According to AnteoTech, these tests needed further evaluation, but similar tests had been taken on with several Indian companies to find alternative testing methods to current conventional nasal swabs.
AnteoTech said it was initially expecting results from this Indian testing in June 2021, but a significant decrease in Indian COVID-19 cases means the necessary data is likely still several weeks away.
The company said patient comfort and ease is an important aspect of its EuGeni RDT test design because more comfortable tests could lead to an increase in voluntary testing and compliance with public health orders.
Shares in AnteoTech were up over 8 per cent and trading at 26 cents each at 10:30 am AEST. The company has a $488 million market cap.