Strawman Straw LDX, Lumos Diagnostics Holdings is involved in Point of Care diagnostic tests and related services.
MCap ~$38m AUD
Cash on hand ~$6.4m USD plus $5M USD due end of June.
SOI:481M
Price: 7.9 cents
Analysis - Lumos originally floated in July 2021 at AUD $1.25 (MCap $140M AUD) however due to not gaining FebriDx regulatory approval and costs associated with the planned launch scale up, the share price has been heading downwards ever since and reached a low of 1 cent in June 2023.
In July 2023 Lumos did receive FDA approval for its FebriDx test, albeit for Emergency Use only in specific settings. This news rocketed the share price to an intraday high 17.5 cents and since then the price has been in the 6-10 cents range.
In September 2023 Lumos also recieved Emergency Use Authorisation for ViraDx.
The focus of the business now is to commercialise the sales for FebriDX, which started pipeline fill across the US in December.
In addition, early January saw the signing of a $14,7m USD agreement with Hologic, which comprises $10M USD IP sale for a specific application and $4.7M USD to convert a product to the Lumos reader and enhance its technology. Doug Ward described this agreement as "transformational" for the company.
Doug used to be the VP of Strategy and Business Development over at Hologic before moving to Lumos and so he would have good relations with their team and insights into what they need and how Lumos can best assist them.
Doug recently did an investor briefing that explained things in more detail and he will be out in Australia soon, doing a roadshow.
The Company seems to be pulling in the right direction and the upside will come from getting the full FebriDx FDA approvals in place.
It is unclear where this is upto, but certainly clinicals and a resubmission to the FDA would be involved. Given the emergency use approval was 9 months ago then this could be progressing well and would just be a matter of time to getting these final approvals.
I was able to source all the information from the Lumos website and they have some useful product videos on there as well.
This training page has a useful video of a FebriDx unit in use.
The IPO document also has a lot of still relevant background material on the market, antibiotic resistance, competitors etc.