AnteoTech (ASX:ADO) share price surges amid ambition to join scramble for RATs

The AnteoTech share price has started today on the right foot.
The post AnteoTech (ASX:ADO) share price surges amid ambition to join scramble for RATs appeared first on The Motley Fool Australia. –

Key points

The AnteoTech share price is up 4% in early morning trade.
The gain may relate to reports AnteoTech’s boss is hopeful its RAT device is in the final stages of TGA approval
The company’s reportedly preparing to ramp up production in Australia on the back of the regulator’s green light

The AnteoTech Ltd (ASX: ADO) share price is in the green this morning.

The gain comes amid reports AnteoTech plans to ramp up Australian production of its point-of-care rapid testing device as it awaits the Therapeutic Goods Administration’s (TGA’s) tick of approval.

At the time of writing, the AnteoTech share price is trading at 26.5 cents, 3.92% higher than its previous close.

AnteoTech shares climb as it readies for Australian approval

The AnteoTech share price is gaining after the company’s CEO Derek Thomson told ABC News it’s getting ready to hit the ground running as soon as its RAT is given the green light for use in Australia.

The Australia-based company is also reportedly prepared to push some of its tests produced in Spain into its home country until domestic manufacturing gets on its feet.

The ABC quoted Thomson as saying:

We can manufacture, currently, a small volume of tests here…

Our plan now, as Australian governments have indicated that RATs are going to be a frontline tool for the pandemic, is to scale up manufacturing here in Brisbane significantly over the next 9 to 12 months.

AnteoTech’s RAT works through its EuGeni Rapid Diagnostic Platform. It’s a point-of-care platform – meaning it can be operated by healthcare professionals. The company’s COVID-19 RAT is the first test to be used with EuGeni.

Thomson said AnteoTech had put an order in for equipment that could see it producing 12 million RAT strips annually in Australia. It expects production to start in the second quarter of 2022.

Additionally, he told the publication AnteoTech would be able to make more than that 12 million over the next 12 months, providing “a real sovereign manufacturing capability for the Australian market”.

Finally, Thomson noted the company’s tests could be in the final stages of TGA approval. He said AnteoTech was planning to supply more information to the regulator next week.

Spotlight on RATs

There’s plenty of other news likely putting the focus on RAT developers today.

Overnight, United States President Joe Biden announced the government will soon hand out 1 billion at-home RATs – meaning they’ll be out shopping for an additional 500 million tests.

Meanwhile, controversy surrounding the Australian Federal Government’s acquisition of RATs hit headlines today. If reports are correct, demand for RATs at retail outlets may well increase.

According to yesterday’s reporting by SBS, retailers claim the government seized their RAT orders at the point of import. The Department of Health has denied diverting supplies.

AnteoTech share price snapshot

The AnteoTech share price has had a rough start to 2022. Prior to today’s open, it had fallen 17% since the final close of last year.

However, shares in the company are currently trading 120% higher than this time last year.

The post AnteoTech (ASX:ADO) share price surges amid ambition to join scramble for RATs appeared first on The Motley Fool Australia.

Should you invest $1,000 in AnteoTech right now?

Before you consider AnteoTech, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and AnteoTech wasn’t one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of January 13th 2022

More reading

Why Anteotech, Brainchip, RAIZ, and Santos shares are pushing higher

Are AnteoTech (ASX:ADO) rapid COVID tests available in Australia?

Why Anteotech, Bega Cheese, Humm, and Syrah shares are racing higher

Here’s why the Anteotech (ASX:ADO) share price is spiking 13% today

AnteoTech (ASX:ADO) share price falls on TGA update

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!