The AnteoTech Ltd (ASX: ADO) share price is on the move today.
This comes after the nanotechnology company announced a regulatory update regarding its COVID-19 Rapid Antigen Test (RAT).
At the time of writing, AnteoTech shares are soaring 32.98% higher to 12.5 cents a pop.
AnteoTech expands market access
Investors are fighting to get a hold of the AnteoTech share price after the company received regulatory approval in Europe.
According to its release, AnteoTech advised it has successfully registered an updated EuGeni COVID-19 (RAT) in Europe. This comes under the In Vitro Diagnostic Directive (IVDD) 98/79/EC Regulations.
Management stated that the new registration is for the same core SARS-CoV-2 Ag Rapid Diagnostic Test registered in April 2021. However, this now covers multiple use claims to include combined nose and throat sampling and nasal mid-turbinate sampling.
By securing the latest registration, this strengthens EuGeni COVID-19 RAT’s competitive position by broadening sampling methods to current European trends.
Currently, the European clinical trial that is underway is also evaluating the updated multiple-use claim to be included in the EU Common List registration application.
AnteoTech said it will phase out the original nasopharyngeal test following orders for the updated multiple-use claim test kits.
About the AnteoTech share price
Despite today’s euphoric gains, the AnteoTech share price has lost around 60% in value over the past 12 months.
The company’s shares touched a 52-week low of 8.5 cents last week after being pounded by the broader market weakness.
Based on valuation metrics, AnteoTech presides a market capitalisation of roughly $374.3 million.
The post Why the AnteoTech share price is rocketing 33% today appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras 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 Scott Phillips.
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