Lumos Diagnostics Raises A$10 Million for Growth and Expansion

2 min read | October 08, 2024 11:11 AM AEDT | By Team Kalkine Media

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Lumos Diagnostics Raises A$10 Million for Growth and Expansion — Image source: shutterstock

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Highlights

Lumos Diagnostics completed a successful fundraising round.

The company raised a total of A$10 million through an entitlement offer.

Funds will be used for growth initiatives, including a key U.S. regulatory milestone.

Lumos Diagnostics Holdings Ltd (ASX:LDX) has completed its retail entitlement offer, raising approximately A$6.9 million. This brings the total capital raised through the fully subscribed offer to A$10 million. The company aims to use these funds to support its strategic growth and development goals.

The proceeds will primarily be allocated to advancing regulatory approval for its FebriDx® point-of-care diagnostic test in the United States. A key milestone for the company is obtaining the CLIA waiver for the test, which is necessary for broader distribution. This regulatory approval is targeted ahead of the 2025 U.S. flu season, positioning Lumos for further market penetration.

The retail entitlement offer was part of a broader 1-for-1.82 pro-rata accelerated non-renounceable entitlement offer, following an earlier institutional component that raised A$3.1 million. Retail investors were offered new shares at A$0.038 per share, with valid applications totaling A$300,000 by the offer’s close on October 2. The shortfall from the retail component, around A$500,000, was allocated to institutional investors.

New shares are scheduled to commence trading on the ASX on October 10, with all shares ranking equally. Lumos' leadership has expressed gratitude to participating investors, acknowledging their support in helping to drive future product innovation and business expansion.

The success of this capital raise signals strong investor confidence in Lumos’ vision and ongoing projects. The funds are expected to be pivotal in enhancing the company’s product portfolio and achieving critical regulatory milestones in key markets.

These funds place Lumos Diagnostics in a solid position to pursue its growth strategies, including the critical U.S. regulatory milestone, while also supporting further product development and market expansion.

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