The company is moving into new geographical markets…
The post Why the AnteoTech (ASX:ADO) share price is racing 13% higher today appeared first on The Motley Fool Australia. –
The AnteoTech Ltd (ASX: ADO) share price is breaking its negative streak this week to surge higher today.
This comes after the nanotechnology company announced that it has partnered with in-vitro diagnostic products supplier, UC Biosciences Inc. (Unison).
At the time of writing, AnteoTech shares are fetching 21 cents, up 13.89%.
AnteoTech expands market access
Investors appear pleased with the company’s latest developments, sending AnteoTech shares higher.
According to its release, AnteoTech advised it has signed a distribution agreement with Unison to dispense its EuGeni products in the Philippines. This includes a reader platform and SARS-CoV-2 (COVID-19) antigen Rapid Diagnostic Test (RDT).
Under the agreement, Unison will become the exclusive distributor for EuGeni sales into the Philippines.
The initial term will be 3 years, which is renewable year-on-year after the initial period has elapsed.
Should government or large enterprises present tender opportunities, both companies will work together on a case-by-case basis.
The distribution agreement came into effect on 5 August 2021.
AnteoTech CEO, Derek Thomson welcomed the new collaboration, saying:
I am very pleased to welcome Unison as a distribution partner. Unison has over 40 years’ experience as a distributor, with a strong sales network.
The Philippines has a population of over 100 million people and have used rapid antigen testing as a tool within their pandemic response.
With Unison coming on board, we have expanded our distribution network and coverage across South East Asia.
Over the coming weeks we will work with Unison to ensure we have the required regulatory approvals in place to commence selling into the Philippines market.
About the AnteoTech share price
Over the past 12 months, AnteoTech shares have roared beyond a 200% increase, with year-to-date gains sitting at 86%. The AnteoTech share price hit a 52-week high of 49.5 cents before coming back down.
AnteoTech has a market capitalisation of roughly $394 million with 1.97 billion shares on its books.
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Motley Fool contributor Aaron Teboneras 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.