Lumos Diagnostics (ASX:LDX) has executed agreements with SBC Global Investment Fund and Lind Global Fund II for an investment in the company of up to $8 million.
The company said the 'Convertible Note Agreements' remain subject to and conditional upon shareholder approval.
Lumos said that if shareholder approval is granted, the convertible notes will be issued in two tranches to provide an aggregate funded value of up to $8 million.
"Over recent months, Lumos has commenced work on several development projects, many of which are with new partners and have the potential to expand into longer-term manufacturing contracts," said the company.
"With the company’s substantial cost rationalisation program now complete, the funds from the Convertible Note Agreements are expected to support the Company into the first half of FY24 as it continues to focus on cash-generating activities within its development and services business units."
The company said it will convene a general meeting on 22 December to seek the necessary shareholder approvals.
Lumos CEO Doug Ward said, “Lumos has substantial visible commercial opportunities ahead. To improve our balance sheet and best position the Company in the near-term so that it can execute on those opportunities, the investments from SBC and Lind provides us with the runway needed to deliver on these and helps support other growth initiatives.”