NEW YORK – Rapid point-of-care diagnostic company Lumos Diagnostics announced Tuesday it has closed an oversubscribed AU$25 million ($17.8 million) pre-IPO capital raise ahead of its expected listing on the Australian Securities Exchange next year.
Blackpeak Capital and Canaccord Genuity acted as lead managers for the funding round. The capital was raised from a combination of institutional funds from Perennial Value and Ellerston Capital, as well as other investors, including existing investors. Earlier this year, Lumos closed a $15 million Series A funding round led by Australian healthcare innovation and commercialization firm Planet Innovation.
The Melbourne, Australia-based company said in a statement it will use the funding to expand its diagnostics business in the US, specifically manufacturing operations in California and Florida. It will also continue commercial growth of its FebriDx test, a finger prick blood test that can determine if a patient has a bacterial or viral infection within 10 minutes.
The FebriDx test was used as a frontline triage tool by the UK's National Institute of Health Research to help healthcare workers manage suspected COVID-19 patients, the company added.
Lumos Diagnostics said it has ongoing clinical trials in the US and expects to receive clearance from the US Food and Drug Administration for the FebriDx.