Chemistry and coating company AnteoTech (ASX: ADO) has signed a commercial agreement with IMRA America Inc for the joint development of AnteoBind-coated gold particles to be used in point-of-care diagnostics.
Under the agreement, AnteoTech (formerly known as Anteo Diagnostics) will activate IMRA’s i-colloid gold particles with AnteoBind.
The combined product will be branded and marketed as an IMRA particle “powered by AnteoBind” and will be distributed via IMRA’s extensive global distribution network.
Initial sales exposure into the IMRA network will provide Anteo with a potential compounding effect for additional partnerships.
AnteoTech chief executive officer Derek Thomson said he expects uptake of the product to grow with strong marketing and successful end-customer use.
“This joint product will combine complementary and established tools used in lateral flow assays and provide a pre-activated, easy-to-use, easy-to-procure particle for rapid testing and development,” he said.
“Our strategy of pursuing collaborations with partners which will co-fund our research and development is gathering momentum and this is an important building block in establishing sustainable revenue streams prior to commercial sales materialising.”
AnteoTech’s agreement with IMRA comes after a lengthy period of development and testing by both companies during which time IMRA became “increasingly confident” in the qualities of AnteoBind and the development capability of the AnteoTech team.
It has led to IMRA investigating the production of AnteoBind-powered versions of a number of other particles in its range.
“This agreement is a powerful endorsement and validation of our product and capability by a very reputable company in the point-of-care industry,” Mr Thomson said.
“[We believe] the opportunity to co-brand with IMRA will further enhance our standing and reputation in the industry and support other similar opportunities already in our pipeline.”
Lateral assay flow market
According to AnteoTech research, the global lateral flow assay market is projected to reach $12.7 billion by 2023 from $8.1 billion in 2018, at a compound annual growth rate of 7.7%.
Drivers of that growth include a high prevalence of infectious diseases across the globe, a rapidly increasing geriatric population and increased use of home-based lateral flow assay devices.
IMRA is a recognised brand in the lateral flow assay market.
The company’s nano-bio division manufactures gold and gold-alloy nanoparticle products and functionalised derivatives which enable efficient and versatile assay design and development.
At mid-afternoon, shares in AnteoTech were up 11.11% to $0.02.