Rhinomed Ltd, a wearable nasal and respiratory technology company, has received an initial purchase order for one million Rhinoswabs from the Victorian Department of Health (DH) to support Victoria’s SARS-CoV-2 testing capability.
Notably, this purchase order follows a NSW Health Pathology order of one million Rhinoswabs on August 11, 2021.
Rhinomed’s Rhinoswab technology improves the sample collection process making it substantially more comfortable and easier to use than the standard nasal swab, captures a larger sample, can accelerate the sample collection process and reduce queues and waiting times.
The company’s shares have been as much as 29.4% higher to 48.5 cents, a new high of almost eight years.
“Major opportunity for Rhinoswab”
Rhinomed CEO Michael Johnson said: “We are pleased to receive further validation of the Rhinoswab from the Victorian Government.
“The Rhinoswab can make a meaningful impact on the SARS-CoV-2 testing process and enable more people to be tested quickly and easily.
“With well over 2 billion SARS-CoV-2 tests having been carried out globally over the past 18 months (close to 26 million in Australia alone), there is a major opportunity for Rhinoswab to radically improve the testing process, clinical outcomes and user experience and we look forward to working with the Department of Health to deliver these outcomes.”
Scale manufacturing capabilities
Rhinomed is continuing to scale-up its manufacturing capabilities to accommodate growing domestic and international demand for this innovative technology.
Promisingly, the company is developing an increasing sales pipeline and will update investors as further agreements occur.
The revenue associated with this order represents about 35%-45% of unaudited FY2021 revenues of $3.9 million.
Appointment of distributors
The Rhinoswab is registered with the US FDA, Australian TGA and has a European CE mark.
Rhinomed has appointed AntiMicrobial Technologies Group (AMTG) as a distributor of Rhinoswab in Western Australia.
In addition, the company has appointed BioTrading Benelux BV as a distributor in Belgium, the Netherlands and Luxembourg.