Having secured approval from regulators in Canada last month, Lumos Diagnostics (ASX: LDX) is set to dispatch the first orders of their rapid antigen test kit to the Maple nation with the initial orders valued at USD $250,000 (AUD $350,000).
The orders are for Lumos’ CoviDx™ test kit which will enable qualified healthcare providers to detect the SARS-CoV-2 virus within 15-20 minutes of testing.
“Routine testing for SARS-CoV-2 using rapid antigen tests is a key element of Canada’s strategy for managing the pandemic. In view of this, the Canadian Government has committed to a significant investment to ensure rapid SARS-CoV-2 tests are readily available for healthcare providers, schools, workplaces and individuals.” said Lumos Managing Director, Rob Sambursky.
“We are pleased with these initial commercial orders for CoviDx™ so soon after receiving our Interim Order authorisation from Health Canada. Based on feedback from our Canadian distributors and healthcare organizations, we expect the demand and commercial momentum for CoviDx™ in Canada to continue to grow in 2022.”
Since securing Canadian regulatory approvals, Lumos has expanded its network of distributors while also utilising its sales team to directly market the test kits to large-scale healthcare providers.
This initial order is expected to be dispatched before the end of the month but with strong demand from their initial marketing efforts, Lumos expects further orders from Canadian distributors over the next six months.
The CoviDx™ test is a stand-alone point-of-care (POC) test that uses individual pre-filled extraction reagent vials to make it easy to administer – without any additional instruments or equipment. The test is compatible with both nasopharyngeal and the less invasive nasal swab sample collection and provides a simple “yes/no” result.
In Australia, there are now 15 rapid antigen test kits that have been cleared for commercial sales following Therapeutic Goods Administration approval however, Lumos’ CoviDx is not one of them.
Lumos Diagnostics listed on the ASX in July 2021 following their IPO which raised $63 million at $1.25 per share
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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