Why the AnteoTech (ASX:ADO) share price is racing 13% higher today

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.

The post Why the AnteoTech (ASX:ADO) share price is racing 13% higher today 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 nearly 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 May 24th 2021

More reading

Why AnteoTech, BetMakers, News Corp, & Vulcan shares are racing higher

Ellume is making news and these ASX shares are surging, again

AnteoTech (ASX:ADO) share price lifts as Ellume US sales ramp-up
The 5 best ASX shares of FY21 revealed

The 5 best performing ASX healthcare shares of FY21, did yours make the cut?

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.

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!