The Atomo Diagnostics share price will be on watch today following a positive announcement regarding the company’s Australian market.
The post Atomo (ASX:AT1) share price on watch following TGA approval appeared first on Motley Fool Australia. –
The Atomo Diagnostics Ltd (ASX: AT1) share price will be on watch today following a positive announcement from the company regarding its Australian market.
Let’s take a closer look at Atomo and what it updated the market with.
What does Atomo do?
Atomo Diagnostics is an Australian medical device company that supplies rapid diagnostics tests (RDTs) and devices to the global diagnostics market. Atomo’s devices are intended to simplify testing procedures and usability for professional and untrained users.
The company has supply agreements in place for tests targeting a range of infectious diseases. These include HIV, COVID-19, and viral versus bacterial differentiation.
Why will the Atomo share price be in focus?
The Atomo share price will be on watch after the company advised this morning it has received approval for its AtomoRapid HIV (1&2) from the Therapeutic Goods Administration (TGA). Other products that are also on the register are the AtomoRapid COVID-19 Antibody Test, the Atomo COVID-19 Antigen Test, and the Atomo HIV Self-Test.
The rapid diagnostics test will be supplied to accredited laboratories and healthcare workers to conduct HIV testing on patients. The handheld, single-use blood test is able to produce an accurate result within 15 minutes. This is a stark contrast to traditional methods whereby a patient would have to wait several days for an outcome.
Whilst there is no cure for HIV infection, antiretroviral drugs are known to effectively control the virus and help prevent transmission. Early diagnostics is deemed crucial in helping to manage the infection. Identification of the virus allows patients to access immediate treatment and care.
The AtomoRapid HIV (1&2) test detects the presence of HIV antibodies in a single drop of blood obtained from a fingertip. The unique design comprises an inbuilt sterile safety lancet, blood collection and delivery mechanism, and an HIV diagnostics test strip.
It can be suited for deployment in sexual health screening, drop-in clinics, and community health programs.
What did management say?
Atomo Managing Director, Mr John Kelly, commented on the upbeat news. He said:
We are very pleased to have received TGA approval for our AtomoRapid HIV (1&2) professional use diagnostic test. We already manufacture and supply the only HIV self-test to have been approved for sale in Australia, so we see this latest approval as further confirmation of our expertise in this field.
This latest good news follows our recent TGA approvals for rapid antigen and antibody tests that detect SARS- COV-2, the virus that causes COVID-19, and means we can now further expand our portfolio of best-in-class rapid diagnostic tests in our home market.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
- The Atomo (ASX:AT1) share price is up today. Here’s why.
- Why the Atomo (ASX:AT1) share price is flying 9% higher today
Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.