Lumos Diagnostics announced today that it raised $46.8 million ($63 million AUD) in an initial public offering in Australia.
Sarasota, Fla.-based Lumos (which has its corporate head offices in Melbourne, Australia), a fully integrated developer and manufacturer of custom point-of-care diagnostic tests, was admitted to the Australian Securities Exchange (ASX) with trading commencing after July 5 thanks to the IPO, according to a news release.
The company said top-tier institutional funds, along with existing investors including Australian Unity, Perennial, Soul Pattinson and Ellerston all participated in the IPO.
Lumos develops FebriDx, a fingerstick test for identifying patients with bacterial and viral respiratory infections that has European, Canadian and Australian approval with an FDA review ongoing in the U.S. Additionally, the company develops CoviDx, a CE-marked COVID-19 antigen test.
The funds brought in through the IPO are earmarked for Lumos’ growth strategy and future commercial opportunities, including 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.
“Lumos Diagnostics has established a strong foundation for growth since the company’s inception,” Lumos CEO Dr. Rob Sambursky said in the release. “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.”