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Home » LumiraDx prices $75.3M offering

LumiraDx prices $75.3M offering

July 21, 2022 By Sean Whooley

LumiraDxLumiraDx (Nasdaq:LMDX) announced today that it priced an underwritten public offering worth approximately $75.3 million.

The London-based next-generation point-of-care (POC) diagnostics company is offering 43 million common shares at a price to the public of $1.75 per share.

According to a news release, all shares are being offered by LumiraDx, leading to gross proceeds (before deducting underwriting discounts and commissions and other offering expenses) of approximately $75.3 million. The company said it expects the offering to close on July 25, subject to the satisfaction of customary closing conditions.

LumiraDx also granted underwriters a 30-day option to purchase up to an additional 6.45 million common shares at the public offering price.

Participants in the offering include certain of LumiraDx’s existing shareholders, such as Ron Zwanziger, the company’s LumiraDx’s chair and chief executive. Additional participants include William Umphrey, Morningside Ventures, Petrichor Healthcare Capital Management and Senvest Mgmt LLC.

Goldman Sachs & Co. LLC, Evercore ISI, SVB Securities and Raymond James are acting as joint book-running managers for the underwritten public offering.

LumiraDx also announced that, in addition to the shares being sold in the underwritten public offering, it agreed to sell 14,285,714 common shares to raise approximately $25 million in a concurrent private placement. The private placement also has a per share price of $1.75.

This private placement has been agreed to with one of the company’s existing investors: the Bill & Melinda Gates Foundation. LumiraDx also expects this offering to close on July 25.

Filed Under: Business/Financial News, Diagnostics, Funding Roundup, Genomics/Molecular Diagnostics Tagged With: LumiraDX

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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