NEW YORK — Lucira Health, a developer of an instrument-free, low-cost molecular diagnostics platform for infectious disease testing, filed for a $115 million initial public offering with the US Securities and Exchange Commission last week.
In the filing, the Emeryville, California-based company said it intends to float an undisclosed number of shares on the Nasdaq at a yet-to-be-determined price under the ticker symbol LHDX. BofA Securities, LifeSci Capital, and William Blair are underwriting the IPO.
Lucira was founded in 2013, originally under the name DiAssess, to develop single-use, portable test kits for infectious diseases that can be administered in both healthcare settings and at home.
In November, the company received Emergency Use Authorization from the US Food and Drug Administration for the Lucira COVID-19 All-in-One Test Kit, a rapid, at-home, real-time loop-mediated isothermal amplification (LAMP) SARS-CoV-2 test available by prescription that runs on a handheld batter-powered device. An over-the-counter version of the test is expected to be submitted to the FDA later this year.
Lucira is also developing a prescription SARS-CoV-2/influenza combination test that is expected to be submitted to the FDA in 2022 and an over-the-counter flu test that is slated for FDA submission in 2024. The flu test is being developed with funding from the US Department of Health and Human Services' Biomedical Advanced Research and Development Authority.
In its SEC filing, Lucira said that it intends to use the proceeds of the IPO to support its manufacturing activities, to establish commercial operations including a sales and marketing team, and for working capital and general corporate purposes.
Lucira, which raised $15 million in Series B funding in 2019, said in the filing that it had $68.3 million in cash as of Sept. 30, 2020. It recorded $16.1 million in R&D costs for the first nine months of 2020, with SG&A costs totaling $3.2 million. Its net loss for this nine-month period totaled $20.2 million. The firm has generated no revenues to date.