The AnteoTech Ltd (ASX: ADO) share price is in the red during late afternoon trading. This comes after the company provided an update on its COVID-19 rapid antigen test.
At the time of writing, the biotechnology company's shares were trading for 17 cents apiece, down 2.86% on yesterday's close
Let's take a look at what may be impacting the company's shares today.
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What did AnteoTech announce?
AnteoTech informed the market it had heard from the Therapeutic Goods Administration (TGA) on its SARS CoV (COVID-19) rapid antigen test and Eugeni reader platform.
The TGA has asked AnteoTech to review how its diagnostic test will cover COVID-19 variants.
The regulatory body has also requested that AnteoTech update the TGA on how it plans to monitor for new strains of the virus.
The company says it will also need to provide an update on other technical and performance details.
The AnteoTech share price received a shot in the arm in September when the company announced it had submitted its rapid antigen COVID test to the TGA.
Then, the company said its nasal swab test was able to detect COVID-19 in 1 minute in 97.3% of cases. AnteoTech is also working on a saliva-based sampling method.
Today, the company said it was working to provide the TGA with additional information as quickly as possible.
Anteotech share price snap shot
Despite a 15% fall this month, the AnteoTech share price has skyrocketed by 67% this year to date. It's also gained about 94% over the last 12 months.
In contrast, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned 11% in the past year.
