Zoono’s Microbe Shield preps for US rollout after successful coronavirus testing, stock pops 50pc
Health & Biotech
Health & Biotech
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Biotech Zoono (ASX:ZNO) has seen its share price surge by close to 50 per cent today, after announcing that its Microbe Shield has successfully tested in the US against Human Coronavirus 229E.
The Microbe Shield is a surface sanitiser that has previously been successfully tested against the nominated COVID surrogate feline coronavirus. The company also carries a hand sanitiser product, the Germfree 24, which was also successfully tested against the feline virus.
The result today means the Microbe Shield now meets the the US EPA Standard ASTM E1053, which will allow the company to embark on mass distribution across the country.
Zoono’s products seem to have hit the sweet spot following the outbreak of COVID-19.
Prior to gaining the regulatory approvals, it had already sealed distribution agrements with partners in Russia, Norway, Luxembourg, Greece and Poland. Initial orders from Russia have been completed, with the company now expecting significant new orders to follow.
Microsoft has also named Zoono as an approved supplier to its office network, with initial orders already received for the huge Redmond Campus in Washington State, that houses 53,500 employees in 125 buildings. A national rollout to supply Microsoft’s other offices will begin soon as the company prepares for return to office in May.
Aircraft manufacturer Boeing is another major client, where Zoono has a contract in place to supply its products to the airlines globally. The Microbe Shield has met Boeing Specification Standards, for use in aircraft interiors.
In order to remove bottlenecks and dependence on suppliers, Zoono says it will start producing the 1 million plastic bottles used to store its sanitisers in-house.
In December, Zoono reported that it had invoiced a total of $7 million in sales, of which $5 million have already been delivered. Deliveries had been delayed due to COVID restrictions.
The company’s subsidiary, Fine Hygiene Group (FHG), a Middle East-based company which manufactures hygiene products such as tissues, is set to expand to over 70 countries in the next 12-18 months when regulatory approvals are obtained.
Zoono’s products are based on the ‘Zoono molecule’, a unique antimicrobial molecule that bonds to any surface and kills pathogens including bacteria, viruses, algae, fungi and mould. In order to further protect its technology, the company has recently lodged further global patent applications in relation to formulations and specialised applications.
Its revenues for the full year FY21 surged by 740 per cent to $14.4 million, for a net profit of $1.9 million
The company’s share price however, has lost more than 30 per cent since January this year.