- Chemistry company AnteoTech (ADO) has been awarded a $1.4 million grant from the Queensland State Government
- The funds will go towards finalising and commercialising ADO’s COVID-19 Antigen Rapid Test
- The test can diagnose COVID-19 even in the early stages of the infection, allowing for rapid diagnosis
- AnteoTech will have two years to use the grant funds, with payment handed over once key milestones are hit
- These milestones include the development of test prototypes, completing the reader platform and gaining health officials approval
- Company shares are trading steady at 11.5 cents each
Chemistry company AnteoTech (ADO) has been awarded a $1.4 million grant from the Queensland State Government.
All of the funds from the Essential Goods and Supply Chain Program (EGSCP) will go towards finalising and commercialising its COVID-19 Antigen Rapid Test.
ADO has developed a 15-minute test which can diagnose COVID-19, even in the early stages of the infection, allowing for rapid diagnosis.
The test itself uses AnteoTech’s nanoparticle surface management technology AnteoBind and a Europium particle to provide high sensitivity fluorescent detection of coronavirus’ antigen.
Under the terms of the grant, ADO will have two years to use the money while drawdowns will be awarded once the company hits certain milestones.
These include the development of working test prototypes, completing the reader
platform, gaining the Therapeutic Goods Association (TGA) approval and manufacturing one million tests per year in Queensland.
AnteoTech CEO Derek Thomson has thanked the Queensland Government for its support.
“As we move through clinical trials and regulatory approval of our ART, we are excited to be part of the growing Queensland response to the COVID-19 pandemic,” he said.
“We have observed significant investment and ramping up of manufacturing capabilities right here in South East Queensland and are looking forward to entering into commercial contracts with local businesses for the manufacturing of our test once regulatory approvals have been obtained,” he added.
“On product launch, we will have built capacity to produce a large volume of tests at our facility at Eight Mile Plains,” Derek concluded.
AnteoTech shares have opened Thursday’s session trading steady at 11.5 cents each at 10:35 am AEDT.