- Atomo Diagnostics (AT1) has released its December 2020 quarterly report which it closed off with a healthy cash balance of $24.7 million
- Atomo specialises in designing and manufacturing devices for blood-based medical conditions
- In the December quarter, its COVID-19 antigen test, which can detect the virus in just 15 minutes, received Therapeutic Goods Administration (TGA) approval
- Additionally, Atomo made $$394,000 in sales during the quarter from its COVID-19 antibody test, which received TGA approval in August
- Atomo largely focused on helping its U.S.-based partner, Access Bio, secure an Emergency Use Authorisation (EUA) for its antibody test from the U.S. Food and Drug Administration (FDA)
- The application is now under consideration and Atomo expects to receive a response before the end of this quarter
- Cash receipts for the quarter totalled $2.8 million — bringing the total amount for the first half of the 2021 financial year to $5.8 million
- Company shares ended the day 1.67 per cent in the red to trade at 29.5 cents
Atomo Diagnostics (AT1) has released its quarterly report for the December 2020 quarter which it closed off with a healthy cash balance of $24.7 million.
Atomo is an Australian rapid blood test company that specialises in designing and manufacturing devices for blood-based medical condiitons.
Following the break-out of COVID-19, Atomo developed AtomoRapid which is a COVID-19 rapid antibody test. In the September quarter, the device received approval from the Australian Therapeutic Goods Administration (TGA).
AtomoRapid can detect antibodies created by the immune system which indicate a past infection and is most accurate around 15 days from exposure.
Then, in October, Atomo's COVID-19 antigen test received TGA approval. This rapid 15-minute test can detect people who are already infected with COVID-19.
A core focus for the company over the December quarter was to help its U.S.-based commercialisation partner, Access Bio, secure an Emergency Use Authorisation (EUA) for its antibody test from the U.S. Food and Drug Administration (FDA). The application is now being considered by the FDA and Atomo expects to receive a response before the end of this quarter.
"During the quarter, Atomo continued to position itself for growth. Regulatory activity included supporting Access Bio with completion of its FDA submission for EUA for its antibody test on the Atomo platform and obtaining approval for Atomo's rapid antigen test from the TGA," Atomo Co-founder and Managing Director John Kelly said.
In Australia, Atomo launched its AtomoRapid antibody test in Australia and achieved sales totalling $394,000. Additionally, once its antigen test received TGA approval, Atomo has started supplying it to the Australian market.
"More broadly, it is expected that COVID-19 testing will continue to be an important part of the global response to the pandemic, and that this is likely to continue during the period where the vaccine is rolled out around the world," John said.
In December, Atomo landed a distribution deal with PrEP Health for its HIV self-test which is designed to rapidly diagnose HIV. The agreement involves the testing device being exclusively supplied to Australian users through PrEP Health's online subscription service.
In terms of its financial position, cash receipts totalled $2.8 million over the quarter — bringing the total amount for the first half of the 2021 financial year to $5.8 million.
The company also spent $532,000 on operating activities — most of which went towards staff and admin costs, as well as research and development.
As manufacturing capacity ramped up, expenditure for property, plant and equipment increased to $695,000 for the quarter.
Company shares ended the day 1.67 per cent in the red to trade at 29.5 cents.