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Company's anti-virus discovery pushes it closer to US market

Business

Brisbane company Advance Nanotek has developed a product that lab tests showed inhibited viruses but its constant fights with the ASX meant it was “reinvigorating” its plans to move to a NASDAQ listing in the US.

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The product, which combines zinc and hinokitoil acts like hand santizer in that it is not a cure or vaccine against any virus, but is a preventative measure.

Testing of the product has proved successful and the company was now looking at marketing the product through the UK and Europe.

In a statement to the ASX this week it said it was investigating the manufacturing of hinokitiol, given the recent positive external test results confirming, combined with zinc salts, its efficacy as an inhibitor against viruses.

The company also produces zinc for use in sunscreen products and last week announced it expected a surge in profits as sunscreen manufacturers in the US came back on line.

But it has been in dispute with the ASX about its announcements. Its shares were briefly suspended from trade this week while a list of questions from the ASX over the product were dealt with.

Earlier this year, the company was also suspended over statements it made which it later retracted relating to a court dispute between the company’s chairman and Collection House.

“In light of our recent suspension by the ASX, the board is reinvigorated to continue its efforts to pursue a NASDAQ listing and the board should have an update to market in due course,” the company said.

 

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