Proactive’s Tylah Tully breaks down ‘Just the Facts’ from the latest company news from Lumos Diagnostics Holdings Ltd (ASX:LDX, OTC:LDXHF).
The company has secured nearly US$2,984,571 in non-dilutive funding from the US Biomedical Advanced Research and Development Authority (BARDA) to support its FebriDx® diagnostic tool.
FebriDx® uses a fingerstick blood sample to differentiate between bacterial and non-bacterial infections, delivering results within 10 minutes. This technology aims to improve antibiotic use decisions and enhance antibiotic stewardship.
The funding will support the company's clinical laboratory improvement amendments (CLIA) waiver study and its regulatory submission to the US Food and Drug Administration (FDA).
If successful, FebriDx® could be used in CLIA-waived point-of-care settings such as physician offices and urgent care clinics.
The contract value could increase to over US$8.25 million if all options are exercised.
FebriDx® is seen as a tool to reduce the over-prescription of antibiotics in clinical settings.
BARDA’s expertise and funding will assist Lumos in expanding the test from moderate to high complexity labs to broader outpatient settings.