The AnteoTech Ltd (ASX: ADO) share price is in the green today following some news from the company.
AnteoTech shares are currently swapping hands at 10 cents, a 3.09% gain, after hitting 10.5 cents in early trading. In comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.49% at the time of writing.
So what did Anteotech announce today?
CEO resigns
AnteoTech CEO Derek Thomson has resigned from the company. AnteoTech, based in Brisbane, developed a COVID-19 rapid antigen test (RAT) and EuGeni Reader diagnostic platform.
Thomson will serve out his six month notice period. During this time, Thomson will work with executive director Christopher Parker and the management team to continue advancing the commercial activities of the company.
Anteotech said the board is grateful for Thomson’s contribution since joining the team in July 2019 and has led the company through “a period of considerable growth and development”.
Commenting on the resignation, AnteoTech chair Dr Jack Hamilton said:
On behalf of the board, we wish Derek well in his future endeavours. Since he joined AnteoTech in mid 2019, the company has experienced considerable growth and its operations have diversified considerably, thanks to the work he and the senior leadership team have undertaken.
Speaking on the succession plans, Hamilton added:
The Board is committed to ensuring it secures a suitably experienced CEO candidate that can successfully drive commercialisation of our technology and capitalise on the progress made to date.
We will keep shareholders informed of progress here and with all material operational development.
Parker was recently re-appointed executive director of the company. He will take an active role supporting Thomson to ensure “critical streams” of the Life Sciences and Energy division remain on track. He previously served as CEO of the company between April 2018 and May 2019. The board has agreed to pay Parker up to $21,000 per month for this transition work.
AnteoTech is still awaiting Therapeutic Goods Administration approval for its COVID-19 rapid antigen test. The TGA has requested more data from the company to align with World Health Organisation and European Medical Device Coordination Group requirements.
Share price snapshot
The AnteoTech share price has dropped 59% in the past year. Further, it’s fallen around 67% year to date and is down 47% in the past month alone.
In contrast, the broader ASX 200 Index has returned about 9% over the past 52 weeks.
AnteoTech has a market capitalisation of around $199 million based on its current share price.
The post Here’s why the Anteotech (ASX:ADO) share price is leaping 6% today appeared first on The Motley Fool Australia.
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