With all due respect, I would have agreed with you if this were 10 months ago (April when ADO received CE approval). But it was ONLY recently (1-2 months ago?) that EXXE had listed us on their website, along with our Greece distributor, but prior to that, nothing. What's the point of targetting a bigger market if we have absolutely zero backing over there?
Yes, Europe is a bigger market, but have we seen ANY official government backing in Europe since CE approval? Nothing. Queensland government is the only seemingly backing we have for EuGeni - which we need TGA approval for that. Are there any governing bodies in Europe that would/should/could fund Anteo's manufacturing expansion? Don't think so, or else we probably would have already done it.
So it seems like TGA approval is actually very important to this current growth phrase, as it will not only just allow us to sell our product in our home country (also where we are listed - for more exposure), but it will also enable us to possibly get federal government funding to expand manufacturing to multiple of 12 millions. Whereas if we don't have TGA approval, we'd have to foot the bill of expansion to manufacture more tests - more CRs?
As others have also said, TGA approval now seemingly will help open other doors into other markets, ie India. And with the "near 3-fold increase in clinical trial data compared to CE requirements", it will also help us in FDA approval in the future.
This would have been a different story if we managed to sell all of the 32m tests into Europe within this 10 months, and we are wasting resources in TGA approval, but the truth is, we haven't managed that. Therefore, you simply just cannot shut the door on a possibly smaller but a more willing market - and give ourselves the best chance to succeed by pursuing every lead possible.
Then looking further into the future, do we ignore TGA for multiplex, sepsis and any other tests for EuGeni too? IMO, TGA is not be all or end all, far from it. But I think we have to obtain it to give the company a big boost in sales/funding/growth, whilst I think if we were to throw $5m into TGA approval or $5m into some EU salesman, I'd say we'll see better results and shareprice being TGA approved.
Of course, none of the above takes into consideration of our battery division, in which it is a separate conversation altogether.
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