- AnteoTech (ADO) signs a distribution agreement for its EuGeni reader platform and SARS-CoV-2 antigen rapid diagnostic test in Turkey
- The deal is with Pera Medikal Anonim Sirketi, a Turkish supplier of medical diagnostic products across a network of 15 dealers in the country
- Sales of the tests and placement of readers to clinics is set to begin, with the aim of creating a foundation of customers for ADO’s future developments
- The initial term of the agreement is three years with the option to renew for a further two years if mutually agreed
- Shares have been trading 8.8 per cent higher at 18.5 cents at 11:19am AEST
AnteoTech (ADO) has signed a distribution agreement for its EuGeni reader platform and SARS-CoV-2 antigen rapid diagnostic test in Turkey.
The deal is with Pera Medikal Anonim Sirketi, a Turkish supplier of medical diagnostic products to hospitals and laboratories through a network of 15 dealers across the country.
While there are no conditions precedent to the agreement, the Turkish Regulatory process requires all formal submission documents to be authenticated by Australian Government Agencies before submission.
ADO said this process has begun and Pera Medikal is also arranging a local test evaluation, the results of which will be included in the submission.
The company will commence sales of the rapid diagnostic tests as per the agreement with potential for further distribution rights for other tests in ADO’s development pipeline.
The synergy plan to jointly review and submit public and private tender opportunities.
According to ADO, by starting sales of the tests and placing readers to clinics, the company is creating a foundation of customers ready for new tests as released.
The agreement is for an initial three years, with the option to renew for a further two years on mutual agreement.
AnteoTech CEO Derek Thomson said he’s excited to be signing the agreement which is the second for distribution in Europe.
“Pera Medikal has a strong background in the IVD space with a well-established dealer network across Turkey, perfectly positioning them to execute on our EuGeni Platform strategy, placing readers into clinics and laboratories across the country.”
“We welcome Pera Medikal to the team and look forward to building a strong relationship with them over the coming years.”
Shares were trading 8.8 per cent higher at 18.5 cents at 11:19am AEST.