Global, innovative rapid point-of-care diagnostic company plans expansion and commercialization of suite of diagnostic products following ASX IPO
Rapid, point-of-care (POC) diagnostics company, Lumos Diagnostics, today announced it has been admitted to the Australian Securities Exchange (ASX) with trading commencing on July 5 after raising $63 million AUD in an Initial Public Offering (IPO). Lumos is a fully integrated developer and manufacturer of custom POC diagnostic tests, with corporate head offices in Melbourne, Australia and U.S. based R&D, commercial operations and manufacturing in both Florida and California.
The IPO received strong participation from top tier institutional funds as well as additional support from existing investors including Australian Unity, Perennial, Soul Pattinson and Ellerston.
“Lumos Diagnostics has established a strong foundation for growth since the company’s inception. Additional funds will facilitate the continued expansion and commercialization of our suite of rapid diagnostic products that have the potential to transform point of care diagnostics for the benefit of clinicians, patients and the health system as a whole,” said Lumos Diagnostics CEO Rob Sambursky, MD.
Lumos was founded in 2015 by Planet Innovation, a leading Australian health technology and commercialization business, and expanded in 2019 when it merged with Florida-based Rapid Pathogen Screening.
The company’s lead branded diagnostic products are FebriDx®, a fingerstick test that aids in the clinical identification of patients with bacterial and viral respiratory infections, which has received regulatory approval in Europe, Canada and Australia and is under FDA review in the United States, and CoviDx™, a CE-marked COVID-19 antigen test.
Lumos has a pipeline of complementary diagnostics that will leverage similar distribution channels as its existing commercially available tests – subject to successful development and receipt of necessary regulatory approvals. In addition, it is intended that these tests will leverage Lumos’ proprietary family of readers, potentially offering a pathway to future at-home testing solutions.
The funds raised under the offer will be used to support Lumos’ growth strategy and future commercial opportunities. This includes infrastructure and capacity expansion; sales and marketing; pipeline and technology development; regulatory, clinical and quality team expansion; working capital; and to meet the costs of the offer.
For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybsercurity, go to AI-Techpark.com.