Went through and relistened to the Webinar. Notes/Summary for reference of the discussion:· Febridx – 16 countries worldwide, FDA approval July 2023. Shipping to customers late December.
· Viradx – Combo product (flu/covid) EUA with FDA allowing commercialisation. Shipping late December 2023.
· Distribution of other products from other manufacturers to Lumos clients.
2 New contracts with Hologic.
· Development of products for other companies as well as Lumos direct products. Lumos are experts in development and POC, tests and readers. Manufacture and commercialise for themselves, however, utilise these capabilities for others.
· Designing and developing and manufacturing FFN product for Hologic, able to licence the IP for the readers to Hologic as well. Monetise own product sales but their services to others enabling others to manufacture the products for others and monetize licencing IP Lumos has.
· Hologic relationship since Doug came on board. Signed 4 services agreements since Doug came on board to help with some of their existing product. Now developing a new next gen FFN product. $14.7Million USD. Revenue previous year was $10M. Single largest set of agreements ever had. “Transformative deal”.
1. IP agreement – They have taken exclusive licence of the reader tech an other POC technology exclusive in FFN. Opportunities to work in a more broad arrangement.
2. Next gen development agreement. 3 phases of development. Milestone delivery over 18-24 months. 1st of development agreement. Prototype stage and can then take into validation and verification. Demonstrate its doing what they want. Once complete, clinical trials and then clearance / approval for sale. Have additional agreements as they move forward on FMM product. Significant amount of revenue and capital from this deal.
· This test is the market leader in the world for FFN testing. They need a new instrument and a new state of the art test which LDX is developing. Modifying LDX tests for use. Have been working with Hologic on other products and this is built on those previous product works.
· Deal places the company on the road for cash flow positive.
· Way diagnostics works – instruments and want to put as many tests on as you can so labs / doctors office can minimise space and maintenance. Strategy is to put as many tests on one instrument. Intent moving forward is to prove themselves on FFN and then implement other tests for Hologic on same device. Intent is LDX is the manufacturer for the test moving forward. Think of it as an annuity moving forward. Ongoing annuity or revenue for long term. Current FFM product has been in market for 20 years.
· Doug coming to AUS to discuss Febridx, Viradx and FMM deals. Also discuss Q2 results.
Questions:
· Product is to replace the TLIIQ product with Hologic: https://ffntest.com/lab-info/
· 95% of revenue is their services. Trying to secure new deals all the time. Doug is looking forward to discussing additional partnerships and relationships when they are able to do it.
· As we speak, there are no plans for Down Syndrome testing. Think of anything women’s health related. It could be on the stream, but they can’t go into specific or speak to that can neither confirm nor deny. A number of tests in mind for the proprietary reader.
· 3 Weeks since shipping Febridx to customers when Webinar recorded. Pretty much all lots made they took orders for.
· The reader is able to read any lateral flow test. The reader itself is not limited to anything. It can do anything via lateral flow approach. Next gen product for a mature market. Hologic is exclusive in FFN however we are nonexclusive in other testing.
· CLIA wavier in significant dialogue with FDA to get a clear path moving forward, however still have to do additional work in clinicals, FDA applications and product to market.
