- AnteoTech (ADO) strikes its first European distribution deal for its EuGeni rapid diagnostic test (RDT) technology
- The deal, signed with UK-based Apacor, allows AnteoTech's EuGeni tech and COVID-19 test kit to be distributed to England, Wales and Scotland
- AnteoTech CEO Derek Thomson says the UK has a "strong history" of using antigen rapid testing in its battle against COVID-19
- Today's deal follows a similar distribution deal signed with Biomed Global earlier this month to distribute the EuGeni platform in Southeast Asia
- Shares in AnteoTech are up 2.22 per cent and trading at 23 cents each at 11:30 am AEST
Surface chemistry company AnteoTech (ADO) has struck its first European distribution deal for its EuGeni rapid diagnostic test (RDT) technology.
Shares in the company are trading in the green today after it told investors it had signed the deal with UK-based Apacor, which will distribute the tech to England, Wales and Scotland.
The distribution deal covers the EuGeni Reader platform and AnteoTech's SARS-CoV-2 Antigen RDT, which together are designed to quickly and easily detect the presence of COVID-19 in humans.
AnteoTech CEO Derek Thomson said the UK has a "strong history" of using antigen rapid testing in its battle against COVID-19.
"To control the spread of COVID-19, the UK's National Health Service (NHS) has procured large volumes of rapid tests and deployed them across Britain," Mr Thomson said.
"We believe that in the future, the NHS strategy for pandemic control will include ongoing screening and testing, which the UK has already rolled out through a number of programs, such as the recently nannounced Daily Contact Testing Pilot Scheme."
As for Apacor, Mr Thomson said the company had a strong track record in securing government tenders for diagnostic products.
Moreover, ADO management said Apacor had more than 25 years of experience in designing and manufacturing parasitology pre-analytic products and already supplies rapid testing solutions to the UK.
Alongside the Apacor distribution deal, AnteoTech has appointed Promedt UK as its UK representative. This means Promedt will be responsible for registering the EuGeni Reader and SARS-CoV-2 RDT with the UK's Medicines and Healthcare products Regulatory Agency (MHRA).
Acting on behalf of ADO, Promedt will be responsible for completing the necessary regulatory processes associated with selling EuGeni in the UK.
AnteoTech's deal with Apacor begins on August 1, 2021 and will initially last for one year, though it can be extended by another two years if both companies agree to continue their partnership.
Today's news follows a similar distribution deal with Biomed Global signed earlier this month to distribute the EuGeni platform in Southeast Asia.
Shares in AnteoTech were up 2.22 per cent and trading at 23 cents each at 11:30 am AEST. The company has a $450 million market cap.