Rapid COVID-19 detection test sends AnteoTech shares soaring

16 July 2020, Written by Matt Ogg

Rapid COVID-19 detection test sends AnteoTech shares soaring

Technologies developed in Brisbane and Melbourne may contribute to a new 15-minute test for COVID-19, harnessing nanocoating to speed up results for saliva and blood tests.

Brisbane-based AnteoTech (ASX: ADO) has successfully developed a proof-of-concept in-house for two types of tests - one for antigens with swab samples from the nose, throat or mouth, and the other with antibodies from blood samples.

The proof of concept was conducted with AnteoTech's proprietary AnteoBind activated Europium particle technology, with Melbourne-based diagnostics products company Axxin providing the reading device.

Combined with the Axxin reader the AnteoTech test is designed to deliver higher sensitivity than the gold particle-based antibody tests that are commonly used in point of care platforms today.

ADO shares rose 87 per cent to 4.1 cents each after the announcement of this development, which if taken further could prove an alternative to current swab testing that takes hours to deliver results.

Another ASX-listed company Cellmid (ASX: CDY) also has a 15-minute test, courtesy of its status as an exclusive distributor in Australia for the Wondfo SARS-CoV-2 antibody, developed by China's Guangzhou Wondfo Biotech Co.

The next phase of development for AnteoTech over the next six to nine months will aim to optimise tests, further improve the lower limit of detection, and verify and validate the design before clinical studies.

If those studies take place and prove successful, the company would need to gain regulatory approvals and prepare for outsourced scaled manufacturing.

"This is another important milestone for AnteoTech as we further leverage AnteoBind activated Europium and our Assay Development competency with the aim to deliver an end user product in the Lateral Flow Point of Care market," says AnteoTech CEO Derek Thomson (pictured).

"All the company including myself are immensely proud to have made the decision to develop this test as we believe our competency and product is unique and can make a substantial difference in the global fight against the COVID-19 virus."

In other COVID-19 news, Victoria has reported 317 new cases overnight, representing the highest number of daily cases in any Australian jurisdiction since the pandemic began. There were also two deaths in the state, while New South Wales reported 10 new cases of the virus. 

Updated at 12:29pm AEST on 16 July 2020.

 
Author: Matt Ogg

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