Lumos Diagnostics Raises AU$25m in Oversubscribed Pre-IPO Capital Raise
Lumos Diagnostics, a rapid point-of-care diagnostics company, has closed an oversubscribed AU$25 million pre-IPO capital raise, ahead of an anticipated 2021 Australian Securities Exchange (ASX) listing.
The funding will enable Lumos, headquartered in Melbourne, to continue to build its high-growth rapid diagnostics business in the U.S., including expanding manufacturing operations in California and Florida and continuing commercial growth of its FebriDx® product, a world-first finger prick blood test that can indicate if a person has a bacterial or viral infection within 10 minutes.
The capital was raised from a combination of institutional funds, including Perennial Value and Ellerston Capital, and sophisticated investors, many of whom have backed Lumos through previous capital raises. It follows on from a successful Series A raise in early 2020, led by Planet Innovation, a Melbourne-based healthcare innovation company.
“Lumos has built a strong foundation over the past few years, and this funding will enable us to accelerate our growth plan,” said Sam Lanyon, executive chair of Lumos Diagnostics. “We’re delighted that investors recognize how unique Lumos is with its suite of rapid diagnostic digital solutions coupled with high-impact and globally relevant proprietary products such as FebriDx.”
David Keelan, Portfolio Manager at Ellerston Capital and a first-time Lumos investor, said: “I’m really excited by Lumos’s potential. Rapid diagnostics is a developing sector internationally, and to have a really strong and growing service business, complemented by a product business with huge potential – it was too good an investment to pass up.”
Ryan Sohn, Deputy Portfolio Manager at Perennial Value, was introduced to Lumos Diagnostics through Planet Innovation (PI), where he is also an investor. “Through PI, I’ve been able to track Lumos’s substantial growth over the past few years. It’s a company with great ambition and a great team behind it, and I’m excited to be a part of this next phase of growth as it prepares for an IPO next year,” Ryan said.
While many businesses have been negatively impacted by the devastating global impacts of the COVID-19 crisis, Lumos was well positioned to quickly respond and has subsequently experienced growth across both its service and product businesses. On the service side, Lumos has secured several contracts to develop and manufacture next generation rapid SARS-CoV-2 tests. On the product side, the UK’s National Institute of Health Research (NIHR) has demonstrated real-world use of the FebriDx test as a frontline triage tool to help healthcare workers manage suspected COVID-19 infected patients. The FebriDx test was featured in a UK Medtech Innovation Briefing (MIB), addressing the impact that the FebriDx test can have on the concurrent COVID-19 pandemic and antimicrobial resistance global health crises. Also, FebriDx may be used as an important risk assessment tool for safe workplaces and is currently being piloted in aged care and other professional use settings continuing to operate during the pandemic.
Robert Sambursky, MD, president and chief executive officer for Lumos Diagnostics, said the capital raise would enable Lumos to expand its commercial operations dedicated to both the continued development of rapid point-of-care diagnostics and meet the need for innovative testing solutions to help address the global COVID-19 pandemic.
“The unique ability of the FebriDx test to identify patients as viral or bacterial within 10 minutes helps guide clinical decision making – whether that is isolation for those identified as having a virus, antibiotic prescriptions for bacterial infections, or simply reassurance that an infection is not present. These actionable results make FebriDx the ideal front-line triage test for patients presenting with acute respiratory illness symptoms (sore throat, cough, shortness of breath) consistent with COVID-19 and an ideal tool for rapid deployment in any future pandemics,” Sambursky said.
While FebriDx is not yet commercially available in the U.S., Lumos Diagnostics has both ongoing and historic prospective, multicenter U.S. clinical trials and anticipates U.S. Food and Drug Administration (FDA) clearance.
Blackpeak Capital acted as Financial Advisor to Lumos and Joint Lead Manager for the raising alongside Canaccord Genuity.
About Lumos Diagnostics
Lumos Diagnostics specializes in rapid, cost-effective and complete point-of-care (POC) diagnostic test solutions to help healthcare professionals more accurately diagnose and manage medical conditions. Lumos offers customized assay development and manufacturing services for POC tests and proprietary digital reader platforms. Lumos also directly develops, manufactures and commercializes proprietary, Lumos-branded POC tests that target infectious and inflammatory diseases with unmet diagnostic needs.
Lumos’s current portfolio of tests includes:
- FebriDx®, an all-in-one, disposable, 10-minute, fingerstick blood test that differentiates viral from bacterial acute respiratory infections (ARI).
- COV-ID™; the Diagnostic Kit (Colloidal Gold) for IgG/IgM Antibody to SARS-CoV-2, a rapid and easy-to-use serology test for the qualitative detection of antibodies to SARS-CoV-2 virus in patients suspected of a history of COVID-19 infection.
Both the FebriDx and COV-ID tests are CE marked for sale in Europe. FebriDx is also registered or licensed with the following other health authorities: Health Canada, Australia TGA, Saudi Arabia FDA, Pakistan DRAP, Singapore HSA, and Malaysia MoH. COV-ID is available in specific global markets in compliance with country requirements.The FebriDx test has not received U.S. FDA clearance and is not commercially available in the United States. For more information on Lumos Diagnostics, visit lumosdiagnostics.com, and for more information on FebriDx, visit febridx.com.
Laura Lovejoy Sambursky
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
PMI Announces Medicago to Supply Up to 76 Million Doses of Its Plant-Derived COVID-19 Vaccine Candidate23.10.2020 20:00:00 CEST | Press release
Since 2008, Philip Morris Investments B.V. (PMIBV), a subsidiary of Philip Morris International (PMI) (NYSE: PM), has been a shareholder of Medicago (in which it currently holds an approximately one-third equity stake) and has supported Medicago’s innovative plant-derived research and development focused on vaccines. The investment is consistent with PMI’s own efforts to leverage science and innovation. Japan-based Mitsubishi Tanabe Pharma Corporation (MTPC) is the majority shareholder and PMIBV’s partner in Medicago. Among other things, PMIBV and MTPC will contribute additional funding to support Medicago’s efforts to develop a COVID-19 vaccine candidate. Medicago, a biopharmaceutical company headquartered in Quebec City, announced that it reached an agreement with Public Services and Procurement Canada (PSPC) to supply up to 76 million doses of its vaccine candidate for COVID-19, subject to Health Canada approval. Innovation, Science & Economic Development (ISED), another department
Fujikura Enters 5G mmWave Infrastructure Market With the Introduction of Industry’s Highest Performance, and Low Power Consumption Phased Array Antenna Module (PAAM)23.10.2020 10:00:00 CEST | Press release
Fujikura Ltd. (TOKYO:5803) (President & CEO: Masahiko Ito) today announced the introduction of industry’s most advanced and highly integrated Phased Array Antenna Module (PAAM) for 5G mmWave operating in 3GPP bands n257 (28 GHz), n258 (26 GHz) and n261 (27 GHz). The Fujikura PAAM is the industry’s highest performance PAAM targeting indoor and outdoor applications such as 5G mmWave Fixed Wireless Access (FWA), 5G mmWave Mobile Wireless Access (MWA), 5G mmWave wireless backhaul, and other emerging applications. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201023005099/en/ Fig.1 Block diagram of Fujikura PAAM. (Graphic: Business Wire) Key Differentiating Features of the Fujikura PAAM The Fujikura PAAM is a high performance phased array antenna module with a novel integrated antenna, and supports concurrent dual polarized beams in both transmission and reception (Fig.1). The PAAM integrates best-in-class mmWave-ICs developed i
VAAST Bikes Now Available in Europe23.10.2020 09:02:00 CEST | Press release
VAAST Bikes, a forward-thinking bicycle manufacturer known for its innovative Allite® Super Magnesium™ frames, has signed an agreement with German cycling-specialist retailer giant Internetstores (Fahrrad.de/Brügelmann.de/Bikester). Two of VAAST’s key bicycle models – including the gravel-ready all-road A/1 bike, and the urban U/1 – are now stocked at Internetstores’ eCommerce sites. Both VAAST models will be available to order online for delivery in fourteen locations across Europe via Fahrrad.de/Brügelmann.de in Germany and the partner site Bikester in 13 countries, including the UK, France, the Netherlands, Belgium, Switzerland, Austria, Poland, Denmark, Italy, Sweden, Norway, Finland and Spain. Customers in Germany can benefit from personal service in Fahrrad.de’s five stores and 190 local service partners, while eCommerce customers Europe-wide will be able to receive their new VAAST bicycle within just days of ordering online. VAAST’s unique position as the only bicycle manufactur
Mitsubishi Chemical Holdings Corporation: Notice Regarding Change in Representative Corporate Executive Officers23.10.2020 08:40:00 CEST | Press release
Mitsubishi Chemical Holdings Corporation (“MCHC”) (TOKYO: 4188) announced that, at the meeting of its Board of Directors held today, it resolved change of representative corporate executive officers as outlined below. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201022006285/en/ Jean-Marc Gilson (Photo: Business Wire) 1. Change in Representative Corporate Executive Officers (Appointed) Name: Jean-Marc Gilson Title: Representative Corporate Executive Officer President and Chief Executive Officer (Retiring) Name: Hitoshi Ochi Title: Representative Corporate Executive Officer President and Chief Executive Officer 2. Biographical Sketch of New Representative Corporate Executive Officer Refer to the appendix 3. Scheduled Date of Appointment April 1, 2021 4. Reason for the Change MCHC converted to a company with a nominating committee, etc. in June 2015. Since then, the Nominating Committee has carried out preparations to proper
MYAH Wins Prestigious Silmo D’Or Award23.10.2020 07:00:00 CEST | Press release
Topcon Healthcare, a leading provider of medical devices and software solutions for the global eye care community, announced today that its MYAH myopia and dry eye management device has won the 2020 Silmo D’Or Award in the Material/Equipment category. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201022005242/en/ Topcon Healthcare announced today that its MYAH myopia and dry eye management device has won the 2020 Silmo D’Or Award. (Photo: Business Wire) The Silmo D’Or Awards are presented each year to recognize creativity in optical product design, innovation and technology. This year marked the 27th annual awards ceremony, which was held virtually and live streamed online on Saturday, October 3rd. The award committee was proud to recognize forward-thinking companies who have continued to launch products and propel the industry forward despite the global pandemic. MYAH came out on top in the Material/Equipment category and
ABB: Q3 2020 Results23.10.2020 06:46:00 CEST | Press release
“Third quarter revenues in all business areas were still dampened due to the impact of COVID-19, although a strong recovery in China and ongoing cost mitigation efforts supported a strong underlying performance. On the upside, the integration of GEIS and turnaround of Installation Products in Electrification is starting to bear fruit and Motion is performing robustly. Robotics and Industrial Automation, on the other hand, are taking more time to recover,” said Björn Rosengren, CEO of ABB. “We are pushing ahead with the decentralization of the group and the ongoing review of our portfolio, while carrying out our share buyback program as planned. We look forward to presenting further details on our strategic progress at our Capital Markets Day on November 19.” KEY FIGURES CHANGE CHANGE ($ millions, unless otherwise indicated) Q3 2020 Q3 2019 US$ Comparable 9M 2020 9M 2019 US$ Comparable Orders 6,109 6,688 -9% -8% 19,509 21,702 -10% -7% Revenues 6,582 6,892 -4% -4% 18,952 20,910 -9% -7% I