Lumos Diagnostics announced a pro-rata accelerated non-renounceable entitlement offer to raise approximately $10 million.
The funds will be allocated towards the completion of the FebriDx CLIA waiver trial in the US, product development, sales and marketing activities, and general working capital.
The equity raising consists of an institutional entitlement offer of around $4 million and a retail entitlement offer of approximately $6 million, the latter being fully underwritten by Bell Potter Securities.
The entitlement offer price is set at 3.8 cents per new share, representing a significant discount to recent trading prices.
Lumos has announced that Tenmile Ventures, a wholly-owned subsidiary of Tattarang, has acquired 45 million shares, equating to a 9.3% shareholding.
Tenmile will subscribe in full for their entitlement and act as a sub-underwriter, potentially becoming the largest shareholder in LDX post-offer.
Commenting on the transaction, Lumos Diagnostics CEO & Managing Director, Doug Ward, stated, "We are honoured to welcome an investor of Tenmile's calibre to Lumos."
"We are strongly aligned in our vision to address unmet needs in human health and look forward to working together to do this while driving the growth of our business. We also thank Ryder Capital, a longstanding and highly engaged shareholder, for their ongoing support," Ward added.
The company's shares will remain in a trading halt until Sept. 6, pending the completion of the institutional offer.
The retail component is set to open on Sept. 11 and close on Oct. 2.
Lumos Diagnostics specialises in point-of-care diagnostic test technology to help healthcare professionals diagnose and manage medical conditions.