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Brisbane-based Anteotech gets $12m for COVID test kit rollout

Business

Brisbane tech company Anteotech has raised $12 million through a placement to help fund the rollout of its COVID-19 rapid test kit.

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The company’s success in designing the kit, which it has called EuGeni, has helped push its shares from 3 cents a year ago to 47 cents this morning, up 14 per cent on its last close.

Anteotech would also conduct a share purchase plan for retail investors to raise an additional $4 million.

Brisbane-based Ellume has also had remarkable success with its over-the-counter personal test kit in the US, but Anteotech’s product is for use by medical professionals. It also supplies Ellume with technology.

The placement was done at 26 cents a share, a steep discount to its trading price, and was strongly supported by institutions, according to the company.

Anteotech said the funds would be used to scale up the rollout of the EuGeni reader. It would also use some of the funds to accelerate its pipeline of other assay tests including one that combined COVID-19 and Flu-A and Flu-B and sepsis test.

Chief executive Derek Thomson said the support for the placement was an endorsement of the company’s growth strategy.

He said Anteotech now had the necessary financial capacity to scale up operations and accelerate the rollout of its EuGeni reader platform and COVID-19 ART test.

 

 

 

 

 

 

 

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