Atomo Diagnostics (ASX:AT1) announced the acquisition of a $2.4 million Cooperative Research Centres Projects grant from the Department of Industry, Science and Resources.
The funding will support the development of an innovative rapid test for the diagnosis of active syphilis, available both for professional and at-home use.
The project is a collaboration between Atomo and the Burnet Institute, combining Atomo's integrated Pascal cassette with a syphilis antibody assay developed by the Burnet Institute.
The new test aims to differentiate active infections from previously treated ones, a feature not currently available in existing rapid tests on the market.
"This pioneering rapid test solution will represent a first for the global market, with existing rapid Syphilis tests only detecting antibodies present in both active infections and prior treated infections," the company said in a statement.
John Kelly, CEO of Atomo, stated, "We are delighted to be the recipients of this competitive funding from the Department of Industry, Science and Resources. It allows us to complete development efforts and accelerate the completion of a Pascal-based rapid syphilis test offering the unique ability to distinguish between active and prior treated infections in an easy-to-use format."
The need for effective syphilis testing is underscored by alarming statistics, with WHO estimating 8 million new cases globally in 2022 and a tripling of diagnoses in Australia over the past decade, highlighting an urgent public health challenge.
At the time of reporting, Atomo Diagnostics' share price was $0.022.