Anteotech (ASX: ADO) has received firm commitments for a $3.5 million capital raising to accelerate the global commercialisation of its life sciences and advanced battery technologies including AnteoBind NXT, Anteo X, and Ultranode.
The company will issue 245.69 million shares priced at $0.0155 each, along with 122.8 million listed class and unlisted options priced at $0.035.
The placement price represents a 20.8% discount to the 30-day volume weighted average price and a 26.2% discount to the last traded price.
Anteotech will use the proceeds from the raising to accelerate its sales revenue growth through the commercialisation of new products and the advancement of strategic partnerships.
Next-Gen ‘Molecular Glue’
AnteoBind NXT is a next-generation activation technology that enhances the development and manufacture of point-of-care diagnostic tests and other immunoassays.
It acts as a “molecular glue” to attach biological molecules (like antibodies) to surfaces such as particles or strips more efficiently than traditional methods.
The technology has previously demonstrated significant savings by reducing antibody use while maintaining the sensitivity required for chemiluminescent immunoassay (CLIA).
AnteoTech is targeting the global lateral flow and luminex in vitro diagnostics markets (with a particular focus on India), as well as CLIA and enzyme-linked immunosorbent assay (ELISA) applications through joint product development and market entry commercial agreements.
Anteo X and Ultranode products have been developed for high-silicon lithium-ion batteries in drones, wearables, and consumer applications.
Accelerated Sales Initiatives
"I would like to thank existing shareholders who supported us in this capital raise and welcome new shareholders to the company,” managing director Merrill Gray said.
“Following the achievement of recent technical and product development milestones, this funding will provide the capacity for us to accelerate sales initiatives and progress strategic discussions by supporting qualification and engagement programs, leading to new sales and partnerships globally.”
AnteoTech is currently negotiating a strategic partnership in the EV sector in relation to Ultranode X, which has achieved a milestone of more than 1,000 cycles at 80% capacity.
Sales conversion initiatives are also progressing for new performance-enhancing, ceramic-coated separator product Anteo S, designed to improve the thermal stability of lithium-ion batteries.
