Brisbane company AnteoTech is one step closer to delivering an innovative point-of-care (PoC) rapid COVID-19 test thanks to vital funding from the Palaszczuk Government.
Deputy Premier and Minister for State Development Steven Miles said $1.4 million funding will allow life science and nano-scale surface chemistry company, AnteoTech Ltd, to progress its high-sensitivity and low-cost test from prototype through to manufacturing and product launch subject to successful clinical trials and regulatory approvals.
“We’re partnering with Queensland’s leading experts in medical diagnostic technology such as AnteoTech to ensure we commercialise innovative technologies and create jobs for the future,” Mr Miles said.
“The project aims to finalise the development of a high-sensitivity COVID-19 Antigen Rapid Test (ART)which aims to deliver results in just 15 minutes.
“AnteoTech is another Queensland company rolling up its sleeves to fight the global pandemic and employing hundreds of Queenslanders to do so.
“We will continue to back local companies as we continue our economic recovery and create jobs.
The COVID-19 ART is based on AnteoTech’s proprietary binding technology coupled with global advancements in assay detection systems which provides valuable decision-making support for the early detection and isolation of infected patients.
“On product launch Anteotech will have built-capacity to produce a large volume of tests at its facility at Eight Mie Plains,” Mr Miles said.
“This project will generate more than $2 million in investment to the Queensland economy and firm up vital industry supply chains within 6 to 12 months.”
Anteotech are in discussions with Ellume, a recent EGSCP recipient, on a potential manufacturing partnership.
Mr Miles said with the support of the government’s Essential Goods and Supply Chain Program,AnteoTech’s test production will create valuable Queensland manufacturing jobs in a rapidly growing, global industry.
“Attracting and retaining highly skilled jobs in advanced manufacturing industries like biomedical is a key part of Queensland’s economic recovery from COVID-19,” Mr Miles said.
“The project is expected to create up to 5 new high-skilled jobs initially and protect 20 existing jobs.
“By supporting production in Queensland, we are ensuring our locally developed intellectual property and technical expertise are retained, and new manufacturing capabilities are discovered.”
AnteoTech CEO Derek Thomson said funding for projects such as this would ensure Queensland remains at the forefront of a thriving and highly competitive industry.
“We are immensely proud to have made the decision to develop this test and accelerate our Assay Development business. We believe that through our technology and IP we can offer an exceptional product that can make a substantial contribution in the global fight against the COVID-19 virus,” Mr Thomson said.
“With the support of the Queensland Government, we hope not only to successfully deliver this project, but create valuable supply chains to ensure the success of future projects.”
The Essential Goods and Supply Chain Program plays an important role in Queensland’s economic recovery strategy.
Announced in May 2020, the program aims to help Queensland manufacturers make essential goods such as personal protective equipment, health consumables and devices as a result of COVID-19 pandemic.