Atomo Diagnostics Limited (ASX:AT1) Signs Long-Term Agreement for HIV Self-Testing
New Supply Agreement Details
Atomo Diagnostics Limited (ASX:AT1) has executed a long-term supply agreement with Newfoundland Diagnostics Limited, valued at approximately A$5.44 million over five years. This agreement, effective immediately, grants Newfoundland exclusive distribution rights in the UK and non-exclusive rights for the EU and Colombia.
Operational Achievements
As part of the agreement, Atomo will manufacture an initial order of 50,000 HIV self-tests during the current quarter. Newfoundland has successfully supplied Atomo’s branded test in the UK and other European markets for over a year, expanding into Eastern Europe and Colombia under a previous contract.
Product Distribution Success
The Newfoundland brand has launched in the UK’s leading retail chains, Boots Pharmacies and Tesco Supermarkets, with additional purchases for product launches in emerging markets where demand for HIV testing is increasing.
Executive Comments
Atomo’s CEO, John Kelly, stated, “We are excited about building a long-term relationship with Newfoundland. They have done an excellent job getting our HIV tests on the shelves of the leading retailers in Europe.” Kelly also mentioned plans for introducing other Atomo tests, including an Active Syphilis self-test currently under development.
Newfoundland’s CEO, Frederick Manduca, expressed enthusiasm for continuing the partnership, highlighting great success in distributing the HIV test and expanding into new territories.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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