Companies the world over are pooling their strengths to address COVID-19, one of the most important global challenges of our time. Seeking to help in the field of rapid point of care testing, AnteoTech (ASX: ADO) is applying their proprietary technology to create the EuGeni COVID-19 Antigen Rapid Test.
The Company has signed a distribution agreement with Pera Medikal for the distribution of the test and accompanying EuGeni reader platform in Turkey. Pera Medikal is one of the country’s leading importers of products for medical diagnostics and food analysis, supplying this wide range to hospitals and laboratories through their country-wide network.
The agreement comes in response to the pandemic with countries trying to ensure their critical and primary care providers are well equipped to address the new normal way of living. With COVID testing becoming increasingly more important, and a primary reason for visiting healthcare providers, rapid point of care testing cuts down on time and administration for the care provider and reduces reliance on testing and laboratory infrastructure.
Dubbed as a surface chemistry company, AnteoTech has IP in both the life sciences and energy markets. Their proprietary platform, AnteoBind, is an aqueous nanosized molecular glue that can be used to bind other molecules such as antibodies and proteins to synthetic molecules which is key in creating assays for medical diagnostic tests.
AnteoTech’s COVID-19 test integrates AnteoBind to deliver test results in less than 25 minutes per sample. The tests can be read and interpreted by the EuGeni reader, an Australian made portable multi-test reader. Both the test and EuGeni reader already have FDA approval and are CE marked.
The real selling point of the test is its speed, making the test perfect for point of care testing, population screening for travel and events as well as for businesses with use in mine sites, cruise ships, office and remote operations. As illustrated on the AnteoTech website, a dreamliner 787 with 336 passengers can be screened for COVID-19 in approximately one hour with just 7 AnteoTech readers making them competitive with other companies with other rapid testing solutions on the market.
AnteoTech CEO Derek Thomson welcomes the distribution agreement into Turkey, commenting: “I am excited to be signing our second Distributor Agreement for Europe. Pera Medikal has a strong background in the IVD space with a well-established dealer network across Turkey, perfectly positioning them to execute on our EuGeni Platform strategy, placing readers into clinics and laboratories across the country. We welcome Pera Medikal to the team and look forward to building a strong relationship with them over the coming years.”
Approvals for market entry into Turkey will be facilitated by Pera Medikal who intend to add further distribution rights for other AnteoTech tests as they develop.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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