Rapid point-of-care (POC) diagnostics company Lumos Diagnostics has abandoned plans to establish a diagnostics manufacturing facility in Victoria as part of its ongoing restructuring and rationalisation program.
Earlier this year, Lumos announced that the Victorian Government had proposed an intended package of support for a Rapid Antigen Test (RAT) manufacturing facility in Victoria to potentially be established in collaboration with Lumos.
In conjunction with Chief Executive Officer Doug Ward, the company’s Board has now determined that Lumos “is not currently in a position to provide the capital investment and human resources” required to support the establishment of such a facility within the intended timeframes.
Mr Ward said that in light of these findings, the company has advised the State Government that it is currently unable to participate in the establishment of the facility.
“Lumos is paying close attention to its operational priorities and investment commitments as evidenced by the recent announcement regarding the planned closure our Sarasota facility,” Mr Ward said.
“While we continue to see great potential for establishing a diagnostics capability in Victoria, at this time Lumos needs to focus on leveraging its existing assets rather than investing in new assets.
“Lumos is currently concentrating on securing regulatory clearances to drive commercial sales revenue from its portfolio of point-of-care diagnostics products, and on leveraging its reader technology and established development services and manufacturing capability in Carlsbad, to grow its Commercial Services business.
