This is a great bit of international exposure by our friend...

This is a great bit of international exposure by our friend Wantedman from Germany, who posts regularly on the MHM thread.

This translates with Google to be a very positive and comprehensive analysis of ADO, and gives us some internation exposure that might just help to give us a lift up from the current weakness before the next announcement.

Thanks Wantedman.


Rough Google translation below.

German to English translation
Hi,

I wanted to imagine a time (for me) relatively unusual tip. Actually I am 100% in raw materials (more or less all Explorer) invested. Here, however, is a value about which I recently stumbled am who comes from the biotechnology sector.

First ahead to the right to make it clear I have no idea about the sector and was until now not yet invested in this segment.

But, I now have a 15-year experience can earn with shares and from this point of my view is stuck inside a very significant potential in this story.
Perhaps, the one or the other to my idea ASX: MHM read an absolute rocket-share and what fascinates me are some intriguing parallels Anteo Diagnostics (there are also some differences, both positive and negative)

But first things first, so what's this all about?

Anteo Diagnostics (ASX: ADO) (only Down Under tradable)

Shares: 669.5 million

MarketCap: 33.5 million AUD (0.05 AUD)

Options:

actually represented a relatively complicated, but as simple as possible:

~ 9 million options to 0.02 AUD (= the money)
~ 85 million options to 0.065 AUD expire in February 2011, it traded 82 million words in LISTING ADOO
~ 14 million options to 0.055 AUD expired in April 2011
to various smaller quantities but are all very far out of the money
(0.15 to 0.62 AUD), and therefore one can safely ignore this.

CASH:

about 3 million AUD

Directors:

James Henderson (Chairman)
Geoffrey Cumming (CEO) - former head of Roche for OzeanienRegion!
Lara Iacusso
Richard Martin
Robert Gilmore

Shareholder: (24 September 2010)

1. Coates Myer 9.8%
2. First Cape 7.1%

Top 20 products: 47%

Website:

http://www.bio-layer.com/

The annual report as at 30 June, published on September 30:

http://www.asx.com.au/asxpdf/20100930/pdf/31stdl01wdtrzf.pdf

The last presentation in January 2010:

http://www.bio-layer.com/pdf/EGM 20Presentation%% 20100122.pdf

Interview with the CEO Geoff Cumming, Jul 19, 2010:

http://www.brr.com.au/event/67012

Why I am on hear?

So my current investment approach is to find highly undervalued companies in a relatively short time have the chance to turn this market valuation was.

MHM was in the recent past as an example (see base metals thread) with several 100% in a few weeks.

The story is supported entirely similar: (for lack Fachkomepetenz in Biotechnolgiesektor and for simplicity, I will confine myself here to the interest to shareholders facts and omit technical details, the one who interested in helping out I recommend both the annual report and the presentation)

A brief recent history of ADO (as I understand)

ADO has developed in recent years a very promising new technology, but in the past failed to market it well.
In 2009 Geoff Cummings was hired as the new CEO. He used to inter alia the Pacific operations from Roche (= Swiss pharmaceutical giant) directed.
Since taking office, it was with the company (and the stock price very very steep hill)

Business:

ADO is mainly active in Dignostik and immunoassay market. (Annual sales in the industry about $ 7-8 billion per year, growth rates of 5-6% / year)
ADO has developed here a new technology (= Mix & Go) that allows much more efficient and cost-efficient than current methods to work.
This is demonstrated by two cooperation agreements, the ADO was able to close this year.
In January it was a three-year collaboration with Bangs, in the USA (with option for another 3 years), could continue in July, Merck (= German DAX companies) joined as partners.
This Anteo royalty payments that Bangs and Merck's products with the Mix & Go technology to be improved. In the case of Bangs these royalties move in the double digits, the Merck deal my knowledge there are no details. (Because we just have to wait for the next quarterly report)

Both licensees have until this July started its associated products to market aggressively!

Furthermore, ADO in the IDV-market in "advanced" talks with 6 of the 10 largest companies in this segment, ie, there were NDAs (Non Disclosure Agreements or = Non-Disclosure Agreement). The company is confident to be able to announce, according to official statements positive progress this year.
Interesting in this context is that the top 7 in this segment about 60% dominate the world market, but especially the No. 1 and 2, catching the eye (Roche and Siemens) Only a short time to blush our CEO has already held a senior Roche worked for (hint = the famous hint)

In my view there are huge opportunities here for ADO (Bangs and Merck no cooperation would be taken if they do not benefit from the mix-and-Go technology would have been convinced.
On possible future profits, I refer to the company's last in January 2010 (the first time all must logically be proven - but the deals have already closed in my view here is clearly in a certain direction.
Comparing these figures with the current market capitalization of times!

Money handling:

ADO, pursuant to the last financial report about AUD 2.26 million last year, "burned", which, however, 1.75 million to research and development compared to AUD 0.99 million for administrative costs ...

Shares activities:

One should note the price trend that by September 30 this year, 144 million options to 0.012 AUD expired (= � the share price, which are obviously all been exercised)
These have meant the last days of a certain mortgage, the rate (and possibly even do this a few weeks?) Washed but also 1.7 million CASH in the till.
Noteworthy in this context, the next options to 0.055 or 0.065 AUD are being phased out in spring 2011.
ADO should by then above these marks are (as I believe it personally) that the company will first release of all short and medium term financial worries.
A positive aspect for existing shareholders, since no further dilution would be expected.

Conclusion:

I believe that we have here is massively undervalued to do with a title that is currently not yet appeared on the radar of the mass. Anteo has its own objectives, of course, prove yet, but I think the risk / reward profile is in this case is very positive!
Let's just wait for the rest of the year now and especially how ADO will be able to further conclude licensing contracts. Should this succeed, we could be here to do with a stock multiplier have.
Patience is required here, other developments are obviously very successful licensing negotiations and the success of the corresponding products from (and lasting) can

I for my part, here is investing heavily. Time will tell

Finally, a chart:

The medium-term downtrend has been broken and there was a pivot in an upward trend:



As always Dyor!

Greetings

Want Edman