Lumos Diagnostics Announces IPO
Rapid point-of-care (POC) diagnostics company, Lumos Diagnostics, has launched a $63 million Initial Public Offer (IPO) to support the next phase of expansion for its business.
Lumos is a fully integrated developer and manufacturer of custom point-of-care (POC) diagnostic tests, headquartered in Melbourne Australia with R&D, commercial operations, and manufacturing facilities in California and Florida. The business was founded in 2015 by Planet Innovation (located in Melbourne, Australia) and merged with Florida-based Rapid Pathogen Screening in 2019.
Lumos generates revenue from its two complementary business divisions, products and commercial services. The company has seen strong growth from both divisions, reporting combined revenue of $11.5 million in July-December 2020, reflecting over 200% growth compared to the same period the previous year.
Lumos is led by an experienced senior leadership and management team, including Executive Chair, Sam Lanyon and CEO Rob Sambursky, MD, who together offer extensive and diverse operational experience in growing diagnostic companies, strong knowledge of equity markets and broad corporate governance expertise.
Executive Chair, Sam Lanyon commented, "Lumos has established a strong foundation for growth since the company's inception in 2015, and has built upon that through the merger with Rapid Pathogen Screening in 2019. This IPO will underpin our strategy as we advance into the next phase to support the commercialisation of our products and commercial services."
Lumos' product offerings include FebriDx® ? a finger prick blood test that can indicate if a person has a bacterial or viral acute respiratory infection within 10 minutes. The FebriDx test is experiencing increasing traction following its commercial introduction into Canada, the UK and Europe. The FebriDx test has not yet received clearance from the United States Food and Drug Administration (FDA), however a 510(k) submission is currently under review with the FDA. If FDA clearance is granted, FebriDx will be made commercially available in the United States.
Both Lumos' products and commercial services business divisions are underpinned by a technology platform that includes intellectual property covering the technology used in Lumos' POC diagnostic tests and its portfolio of digital reader formats and applications.
Lumos has a pipeline of complementary diagnostic tests that will leverage similar distribution channels as the FebriDx test. In addition, it is intended that these tests will take advantage of Lumos' proprietary family of readers and potentially offer a pathway to future at home testing.
IPO details
The IPO involves an offering of approximately 50.4 million new shares at $1.25 per share (the "Offer"), consisting of a $38m primary Offer by Lumos, and the opportunity for existing shareholders to sell $25m of existing securities. The Offer comprises a broker firm offer, a priority offer, and an institutional offer. No general public offer of Shares will be made under the Offer.
The proceeds received by Lumos under the Offer will predominantly be used to execute the Lumos growth strategy, through infrastructure and capacity expansion, development of Lumos' test pipeline and technology platform development.
Clayton Utz has acted as Australian legal advisers to Lumos on the IPO.
Important Notices
The Offer for Shares in Lumos is being made pursuant to a prospectus lodged with the Australian Securities and Investments Commission (ASIC) on 7 June 2021 (Prospectus). A person considering whether to acquire Shares under the Offer should consider the Prospectus carefully and in its entirety in deciding whether to invest in Lumos. An electronic form of the Prospectus can be viewed or downloaded by investors in Australia at lumosdiagnostics.com/investors.
This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws.
About Lumos Diagnostics
Lumos Diagnostics specialises in rapid, cost-effective and complete point-of-care (POC) diagnostic test solutions to help healthcare professionals more accurately diagnose and manage medical conditions. Lumos offers customised assay development and manufacturing services for POC tests and proprietary digital reader platforms. Lumos also directly develops, manufactures and commercialises novel, Lumos-branded POC tests that target infectious and inflammatory diseases. For more information visit lumosdiagnostics.com.
News published on and distributed by:
