LumiraDx, a UK-based provider of point-of-care diagnostics including COVID-19 tests, withdrew its plans for an initial public offering on Wednesday. It originally filed in January 2021 with a proposed deal size of $100 million. The withdrawal follows the announcement of a merger agreement between LumiraDx and SPAC CA Healthcare Acquisition (CAHC).
LumiraDx aims to bring lab-comparable diagnostic performance to the point-of-care in minutes on a single instrument with a low cost of ownership. As of December 31, 2020, it had placed more than 7,000 instruments with over 500 customers across more than 25 countries. So far, revenues have primarily come from the resale and distribution of third party medical diagnostic products not related to its Platform. In 2020, it developed SARS-CoV-2 antigen and antibody tests for use in community-based healthcare settings. In addition to COVID-19, it is developing tests for HIV, influenza, diabetes, coagulation, and cardiovascular disease.
The London, United Kingdom-based company was founded in 2014 and booked $25 million in revenue for the 12 months ended June 30, 2020. It had planned to list on the Nasdaq under the symbol LMDX. Jefferies, SVB Leerink, Evercore ISI and Raymond James were set to be the joint bookrunners on the deal.
