Appendix 4C for the period ending 31 March 2011 (ASX : ADO)
Anteo Diagnostics Limited (ASX : ADO) attaches its Appendix 4c for the quarter ending 31 March 2011.
CEO REPORT - QUARTER ENDED 31 MARCH 2011
Dear Shareholders,
I am very pleased to report that, as at the end of March 2011, your company had $6.75 million cash
which, at current levels of expenditure and in the absence of revenues, would be expected to see us
through until 2013. A total of $5.1 million was received through the exercise of 6.5 cent options that
expired at the beginning of February. I would like to underline the fact that these options were
exercised at a small premium to the prevailing market price. I believe that this is a compelling
vindication of the faith that all those parties that exercised options have in the future of our company.
Subsequent to the end of March a quantity of 5.5 cent options were exercised (100% of those
outstanding) and our cash reserves, as of the date of this report, are $7.3 million.
The quarter has seen heightened levels of engagement and collaboration across all sectors in which
we are involved. Our immediate focus remains on the IVD suppliers but activities outside that area
continue.
Highlights of the quarter include:
BEAD MANUFACTURERS
Bangs Laboratories have launched ?Silica Bind-IT? a second product that is activated using
Mix&Go. This product has, at its core, a glass bead and glass (silica) beads are Bangs best
selling product. The decision to launch this product came after exhaustive follow-up with
customers who were using ProMag Bind-IT to determine their level of satisfaction with the
product and the benefits that flowed from its use. Bangs also undertook extensive real-time
stability testing with the product to convince themselves that it would not deteriorate with
time. They clearly did not want to jeopardise the market acceptance of their flagship product.
Anteo Diagnostics Limited ABN 78 090 487 273
Unit 4, 26 Brandl Street, Eight Mile Plains Qld 4113
Phone 07 3219 0085 Fax 07 3219 0553 Email [email protected] Web www.anteodx.com
Another major bead manufacturer embarked on a collaborative project with us to determine
whether we could simplify and accelerate their bead manufacturing process. We have
demonstrated that, through the use of Mix&Go?, both Cost of Goods and performance
benefits flow. Analysis of the economic impact is expected to lead to commercial
negotiations.
A European bead manufacturer has indicated an interest in developing a Mix&Go? activated
bead for use in the separations market. This company has just been acquired by a global
organisation and agreement with the new owners is now being sought to proceed with the
project.
IN VITRO DIAGNOSTIC SUPPLIERS
A project is well advanced with a major global IVD company that has, as its objective,
development of an ultrasensitive blood test that delivers consistent results from multiple
batches of Mix&Go?. Achievement of this objective is expected to see:
this assay replace the existing assay for this test in the market,
a Supply Agreement signed for the use of Mix&Go? with this company, and
the use of Mix&Go? to be migrated broadly across this company?s test menu.
We expect our inputs to be complete by early May and these results will be submitted to the
IVD company?s executive committee for commercial consideration.
Another Top 10 Global IVD company approached us with a desire to enter into a
collaborative project. The notion of Anteo as a potential solution to a particular technical
challenge was planted by another non-competing global healthcare entity with whom we are
already in collaboration. We were asked whether we were prepared to allow some of the
confidential data that had been generated to be passed on to the interested party and, of
course, we agreed. Work on the project that has been jointly conceived is now in train.
Work has continued with another major participant in this field and activity levels have risen
in response to encouraging results. Three objectives are being pursued with this group:
Improving the sensitivity of tests for certain, life threatening, clinical disorders
Reducing waste and improving raw material usage
Introducing process efficiencies in the manufacture of their commercial test kits
POINT OF CARE MANUFACTURERS
A global healthcare company is developing a hand-held instrument for use in Point of Care
diagnostics. The device, with a limited menu, is slated for launch in mid-2012. The decision
to use Mix&Go? is yet to be made but, given the existing data, we are optimistic that there
will be a positive outcome for Anteo.
Anteo Diagnostics Limited ABN 78 090 487 273
Unit 4, 26 Brandl Street, Eight Mile Plains Qld 4113
Phone 07 3219 0085 Fax 07 3219 0553 Email [email protected] Web www.anteodx.com
CORPORATE
Lara Iacusso resigned from the Board in February. Lara joined the Board in 2008 and
throughout her tenure has provided significant challenge to management thinking that has led
to improved operational decisions being made. Her valuable input will be missed but we
understand that the ever increasing demands of her existing executive roles left her with little
choice. The Board and all in the company would like to thank her for her valuable
contribution.
As has previously been announced the Board has undertaken a review of its composition and
structure with a view to ensuring it is able to provide the best possible direction through what
are envisaged to be extremely exciting times for the company. The market and shareholders
will be kept informed of developments in this area.
Dr Tina Baumgartner, the Principal of Accella Group, has been appointed as a US based
consultant to assist with US and European Business Development. Tina received a PhD from
Universit?t Konstanz in Germany and an MBA from MIT in the US. She has over 11 years
experience in business development, corporate strategy, market research, and marketing in
the life sciences and biotechnology space in the US. Tina will focus predominantly on
companies and segments that are currently untouched. As a result we expect that our list of
collaborators will continue to grow.
SUMMARY
In summary, the quarter has provided many sound reasons for continued optimism for our prospects.
We are very conscious of the high expectations you have for your company and remain confident
that we can deliver.
Dr Geoff Cumming
CEO
Anteo Diagnostics Limited
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