Lumos Diagnostics completes phase 1 milestone

Lumos Diagnostics (ASX: $LDX) has successfully completed the first phase of its Development Agreement with Hologic, Inc. (NASDAQ: HOLX) to develop a new fetal fibronectin (fFN) test. The phase, focusing on Product Definition and Planning, was valued at US$0.4 million, with US$0.2 million recognized in Q3 FY2024 and the remaining US$0.2 million to be booked in Q4 FY2024.

Executive Commentary

We are very pleased to have completed this critical first phase of this Development Agreement with Hologic. Achieving milestone approval from Hologic is excellent validation of the project work completed by the Lumos team, whilst providing additional strength to the company balance sheet through further project funding and a positive outlook on the likelihood of Lumos delivering on subsequent phases. As Hologic is the only global manufacturer of this important prenatal test, we feel a strong responsibility toward successfully developing the next generation of the test on the Lumos reader platform.

Summary

Lumos Diagnostics (ASX: $LDX) has successfully completed the first phase of its Development Agreement with Hologic, Inc. (NASDAQ: HOLX) to develop a new fetal fibronectin (fFN) test, valued at US$0.4 million. With Phase 1 complete, Lumos will move onto Phase 2 - the Assay Feasibility phase of the Development Agreement, which has a value of US$0.6 million. The fFN test is the largest segment in the pre-term diagnostic test kit market in the United States, with a significant annual total addressable market. Lumos will continue to keep the market updated as they progress through the Development Agreement.