Lumos Diagnostics raises $2.65 million in placement to existing institutional shareholders

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Lumos Diagnostics (ASX:LDX) has raised $2.65 million before costs through a private placement of 37.9 million shares at $0.07 per share to existing institutional shareholders.

The company said the issue price represents a 10 per cent discount to its closing share price on Friday, 27 October.

It said it will use its remaining placement capacity under listing rules 7.1 and 7.1A on or around 2 November 2023.

It said the funds raised will provide additional working capital to support existing pipeline of opportunities, including FebriDx and ViraDx launch in the US, and the growing pipeline of new opportunities with existing strategic partners and potential new commercial partners.

"Given the relatively modest uptake by shareholders in the Share Placement Plan (SPP) that was completed in early August, the Company decided to offer its institutional shareholders the ability to take up the remaining placement capacity at the same price as the unsubscribed shares were offered to all shareholders in the SPP," said Lumos in the statement to investors.