PI backs Lumos Diagnostics with $20m Series A investment

Planet Innovation has agreed to a $A20 million strategic investment in Lumos Diagnostics, a rapid point-of-care diagnostics company. 

Lumos Diagnostics was spun out of Planet Innovation in 2017 before it merged with RPS Diagnostics in 2019 to create a diversified rapid diagnostics products and services business. Planet Innovation decided to be the sole Series A investor in Lumos Diagnostics to help accelerate the growth of Lumos, and in particular, support the global launch of the novel FebriDx® test, which addresses one of the world’s biggest healthcare challenges – the accurate diagnosis of bacterial and viral infections.

Co-CEO and co-founder of Planet Innovation, Sam Lanyon, explained the motivation behind the investment: “Planet Innovation focuses on creating and supporting breakthough businesses that have a global impact on healthcare. With clear ongoing problems in the diagnosis and management of patients with the flu or flu-like illnesses, coupled with the spectre of global epidemics like Coronavirus and SARS, Planet Innovation is keen to support Lumos to accelerate the delivery of FebriDx to global markets. Lumos is the epitome of what we like to see in companies we invest in – a solid existing business with significant upside potential and impact. We look forward to supporting the team as it addresses these global health challenges.”

The FebriDx test is a rapid POC test to provide clinicians with an in-office assessment of the body’s immune response to an acute respiratory infection (ARI). More than 50% of all unnecessary antibiotic prescriptions are for outpatients with nonspecific flu-like symptoms including fever, sore throat, cough, nasal congestion and fatigue. Only true bacterial infections benefit from antibiotic treatment. The single-use FebriDx test identifies patients of all ages within 10 minutes that have a clinically significant underlying infection and aids in the differentiation of viral and bacterial ARIs through the simultaneous detection of both Myxovirus resistance protein A (MxA) and C-reactive protein (CRP) directly from a fingerstick blood sample.

Lumos Diagnostics CEO, Rob Sambursky, said: “This funding will be used to support the international commercial expansion of the FebriDx rapid POC test, the FebriDx U.S. FDA pivotal clinical trial, and additional development and manufacturing resources for the company’s expanding full-service POC business.”

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