Capital raise to boost Lumos Diagnostic's commercial operations

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Melbourne-based point-of-care diagnostics company Lumos Diagnostics has closed what it describes as an oversubscribed $25 million pre-IPO capital raise.

The company, which expects to list on the ASX in 2021, said the funding will enable it to continue to build its business, including expanding manufacturing operations in California and Florida and continuing commercial growth of its FebriDx product.

The product is a world-first finger-prick blood test that can indicate if a person has a bacterial or viral infection within 10 minutes.

The company said 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 Series A raise in early 2020, led by Melbourne-based healthcare innovation company, Planet Innovation.

“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.”

Dr Robert Sambursky, president and CEO of Lumos Diagnostics, said the capital raise would enable the company to expand its commercial operations.

“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,” said Dr Sambursky.