Lumos Diagnostics Holdings has completed the institutional component of its $10 million equity raising.
Through a 1 for 1.82 pro rata accelerated non-renounceable entitlement offer, the company raised approximately $3.1 million from institutional and sophisticated investors.
The institutional entitlement offer commenced on Sept. 4 and closed on Sept. 5.
Shares in Lumos are expected to recommence trading on an ex-entitlement basis today.
The retail component of the entitlement offer aims to raise approximately $6.9 million and will open on Sept. 11, closing on Oct. 2.
"The strong support from our institutional shareholders is a testament to their confidence in Lumos’ strategy and future growth," said Robert Matthews, CEO of Lumos Diagnostics.
The proceeds from the offering will fund various initiatives, including the completion of the FebriDx CLIA waiver trial in the US, product development, and sales and marketing activities.
New shares arising from the institutional offer will be issued at 3.8 cents per share and rank equally with existing shares from the allotment.
Settlement is expected on Sept. 11, with normal trading commencing on Sept. 12.
The retail entitlement offer, underwritten by Bell Potter and including sub-underwriting from Tenmile and Ryder Capital up to $6 million, provides eligible retail shareholders the opportunity to participate at the same terms.
Lumos Diagnostics is an Australia-based company, which specialises in point-of-care diagnostic test technology to help healthcare professionals diagnose and manage medical conditions.
At the time of reporting, Lumos Diagnostics’ share price was $0.04.