AM Diagnostics has been on the radar of many ASX-watchers recently.
Particularly, after at-home COVID-19 antigen rapid tests, supplied by the Perth-based Australian company, received approval from the Therapeutic Goods Association (TGA) this week.
Australians might be able to choose between one of three at-home COVID-19 rapid antigen tests from 1 November. All three are supplied by AM Diagnostics and provide results within 15 minutes.
AM Diagnostics leads Australian at-home testing
According to reporting by The Australian, the TGA’s thumbs-up means Australians might soon be able to buy rapid COVID-19 tests at supermarkets, pharmacies, and other easy-to-access locations.
Two of the approved tests provide results from oral fluid, requiring a user to spit into a tube to learn their COVID-19 status. The other provides results using a nasal swab.
The tests state they are accurate 97% to 98% of the time.
Can you invest in AM Diagnostics on the ASX?
Understandably, many ASX investors are currently wondering how to get a piece of AM Diagnostics into their portfolio.
Unfortunately, there isn’t good news for those looking to invest in the manufacture and distributor of medical and diagnostic equipment.
AM Diagnostics is registered as a private company with the Australian Government. Thus, investors can’t buy shares in AM Diagnostics on the ASX.
However, there are several companies that might peak the interest of would-be-AM Diagnostics investors.
The company’s at-home test has been authorised by the US Food and Drug Administration for emergency use.
Another ASX-listed share involved in the COVID-19 home testing market is AnteoTech Ltd (ASX: ADO).
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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