Anteo Diagnostics Limited (ASX: ADO), a company from the Health Care sector that is into the business of Developing and commercializing medical products provided an update on commercial engagements in the Battery and Life Sciences division.
The company confirmed that it is making excellent progress with AnteoCoatTM, which is the proprietary technology of the company for Lithium Battery applications, and AnteoBindTM which is used for Point of Care (POC) Life Science applications.
Battery Division Progress
In the Annual General Meeting in November 2018, the company provided the progress update to its shareholders. The company is pleased to confirm that the results of the agreed Phase 1 technical evaluation completed in early April 2019 for collaborator 1, a multinational battery component manufacturer in North Asia. The technical evaluation of the initially agreed work program was finalized on time, and the results were positive.
The Phase 2 program which evaluates the performance of AnteoCoat, as well as the Anteo’s composite technology, has now been agreed. This phase will involve work at the Anteo battery laboratory in Brisbane, and there will be more evaluations then being undertaken in state-of-the-art R&D facilities of Collaborator 1. The phase will require around 3 to 4 months to complete.
The process of evaluation with Collaborator 2 which is a European multinational silicon supplier continues, and the refinements to the initial silicon product supplied is now under evaluation and assessment.
The company also confirmed that it is under discussion with another North Asian battery and battery component manufacturer, which produces anodes for Lithium ion batteries. The company through the discussion is trying to establish a third collaboration arrangement to assess AnteoCoat. However, it does not guarantee that the discussion will lead to an agreement. The negotiations are advancing and are expected to complete in one or two months.
Life Sciences Progress
In the Life Sciences, Anteo’s team has made excellent progress on current customer project. They were also able to expand the number of new customer opportunities. In order to maximize potential opportunities for new products of Anteo, the company is methodically developing deeper partnerships with particle suppliers, contract assay developers as well as the distributors for broadening the visibility of the proven benefits of AnteoBind to Point of Care and In-Vitro Diagnostics (IVD) assay developers globally.
The major focus of the company was on progressing the evaluation work on Sona Nanotech collaboration which relates specifically to the performance obtained when various unique gold particles that were used by POC assay developers were activated through AnteoBind. The company confirmed that most of the evaluations are about to complete. The results will soon be reported and reviewed with the collaborators in the upcoming 2 to 3 months.
Other than this, the company is into discussions with a new US-based collaborator who will be accessing the performance of AnteoBind-activated components.
In the last six months, the shares of ADO have generated a decent return of 20%. At present, the shares of ADO are trading at A$0.017 (as at AEST: 12:46 PM, 3rd May 2019), down by 5.556% as compared to its previous closing price. ADO holds a market capitalization of A$20.88 million and approximately 1.16 billion outstanding shares.
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