- Surface chemistry company Anteotech (ADO) has received almost $1.2 million in research and development (R&D) tax rebates for 2020
- The company has been working on point of care testing for COVID-19 and other viruses, as well as next-generation high-energy lithium-ion batteries
- The R&D refund has put the company in a strong cash position which will enable it to accelerate work getting its COVID-19 rapid antigen test to market
- A clinical trial is planned for December, and the device could be market-ready by March or April next year
- Along with the proceeds from the conversion of options, Anteotech now has $6 million in the bank to pursue the next phases of its R&D programs
- Anteotech is up 7.50 per cent and trading at 10.7 cents
Surface chemistry company Anteotech (ADO) has received almost $1.2 million in research and development (R&D) tax rebates for 2020.
Tax break
Under the Federal Government’s Research & Development Tax Incentive Scheme, companies are entitled to refunds based on costs incurred for domestic research.
The company has been working on point of care testing for COVID-19 and other viruses, as well as next generation high-energy lithium ion batteries.
The hot-button research has put Anteotech in a position to potentially commercialise its novel tech next year to capitalise on demand in the market.
The R&D refund has put the company in a strong cash position which will enable it to accelerate work getting its COVID-19 rapid antigen test to market.
R&D
ADO only just announced positive results relating to the detection of COVID-19 in saliva — removing the need for invasive and uncomfortable nasopharyngeal swabs.
A clinical trial is planned for December, and the device could be market-ready by march or April next year.
Being able to deliver results within 15 minutes from a simple saliva sample will likely be in high demand, even if COVID-19 vaccines are rushed to market and have high uptake.
Along with the proceeds from the conversion of underwritten options, Anteotech now has $6 million in the bank to pursue the next phases of its R&D programs.
Along with the commercialisation and distribution of the COVID-19 Antigen Rapid Test and the completion of commercialisation of the COVID-19 antigen/Flu A/ Flu B multiplex test and sepsis rapid test, the company also as a couple of other projects in the pipe.
ADO will seek to commercialise the cross-linking binder additive, AnteoX, for the silicon composite battery market.
The company will also continue work on its lithium-ion battery anode research and development program and continue seeking commercial opportunities for its high-performance silicon graphite composite products.
Anteotech is up 7.50 per cent and trading at 10.7 cents at 11:03 am AEDT.