Lumos Diagnostics Holdings Ltd (ASX:LDX, OTC:LDXHF) has successfully concluded the retail component of an entitlement offer, raising in the vicinity of A$6.9 million and taking total funds raised in the fully subscribed offer to A$10 million.
Funds for growth of business
“These funds provide Lumos with solid backing to drive the growth of our business,” CEO and managing director Doug Ward said.
“Achieving CLIA waiver status in the US for our FebriDx® point-of-care test is high on our list of objectives and we are moving forward with this project, with the aim of completing the CLIA waiver study and FDA application ahead of the 2025 US flu season."
The retail entitlement offer, which formed part of a 1-for-1.82 pro-rata accelerated non-renounceable entitlement offer, followed the earlier completion of the institutional component that raised A$3.1 million.
Eligible retail shareholders were offered the opportunity to subscribe for new shares at A$0.038 per share.
The offer closed on October 2, with valid applications raising A$300,000.
Bell Potter Securities acted as the lead manager and underwriter up to a maximum aggregate amount of approximately A$6.1 million, supported by sub-underwriters Ryder Capital Limited and Tenmile Ventures Pty Ltd.
Strong backing
Shortfalls from the retail offer, amounting to around A$500,000, were allocated to institutional investors.
The new shares are set to commence trading on the ASX on October 10 and will rank equally with existing shares.
Lumos’ board expressed gratitude to participating investors, noting that the funds raised will be vital for driving future product development and growth.
“With the retail entitlement offer successfully reaching its target amount of A$6.9 million, the capital raise was fully subscribed, bringing the total amount raised under the entitlement offer to A$10 million," Ward said.
“We appreciate the strong backing from all those investors who participated in this capital raise, particularly Tenmile and Ryder Capital, who are aligned with our vision to address unmet needs in human health.”