The Atomo (ASX:AT1) share price is soaring today. Here’s why

The Atomo (ASX: AT1) share price is up 4.8% today on news the company will be expanding access to its HIV self-test.
The post The Atomo (ASX:AT1) share price is soaring today. Here’s why appeared first on The Motley Fool Australia. –

A fit man flexes his muscles, indicating a positive share price movement on the ASX market

The Atomo Diagnostics Ltd (ASX: AT1) share price is up today after news the company’s Mylan HIV self-test will be expanded in low and middle-income countries. At the time of writing, Atomo shares are trading for 22 cents apiece, 4.88% higher than yesterday’s closing price. 

Let’s take a closer look at the news driving the Atomo share price today.

A step towards health equality

Atomo announced today that its distributer Viatris Inc has made an agreement with global health agency, Unitaid.

The multi-year partnership will see the cost of the Mylan HIV self-test lowered by 50%. Unitaid announced the test will become available for less than US$2 in 135 eligible countries.

The agency said the agreement was a key factor in meeting the global goal of having 90% of people aware of their HIV status. Currently, an estimated 8 million people do not know their HIV status.

Atomo designs and manufactures the HIV self-test. Unlike standard, multi-component HIV tests, it’s a handheld device that Atomo says offers “unmatched usability”. It works to detect the presence of HIV antibodies in a fingertip blood sample.

The test is prequalified by the World Health Organisation (WHO). WHO has estimated the global HIV self-testing market will increase by around 163% in coming years, demanding 29 million tests by 2025.

Commentary from management

Atomo’s co-founder and managing director John Kelly said the partnership signaled a step-up in demand for the HIV self-tests: 

This agreement is not just a significant and important moment in the growth of Atomo, it’s also further confirmation of the versatility and performance of our unique all-in-one diagnostic test platforms and drives lower costs across the business.

Not only have they proven themselves to be ideal for novel test applications like COVID-19 and anti-microbial resistance, but they are also suitable for deployment as part of mass-screening programs in decentralised settings.

Atomo share price snapshot

The Atomo share price needs all the good news it can get today – it’s had a poor run on the ASX lately.

Currently, the Atomo share price is down 30% year to date and has fallen 55% over the last 12 months.

The company has a market capitalisation of around $83 million, with approximately 568 million shares outstanding.

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Motley Fool contributor Brooke Cooper 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.

The post The Atomo (ASX:AT1) share price is soaring today. Here’s why appeared first on The Motley Fool Australia.

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