A Melbourne biotech has axed plans to construct a Victorian manufacturing plant for speedy antigen assessments after the corporate instructed the state authorities it doesn’t have the assets to decide to the plan.
Lumos Diagnostics, which listed on the ASX final 12 months, was planning to arrange a $17.2 million facility to make diagnostic assessments, with funding assist from the Victorian authorities.
On Monday, the enterprise instructed buyers it was pulling the pin on the proposal, saying it didn’t have the capital funding or human assets to arrange the ability.
“Whereas we proceed to see nice potential for establishing a diagnostics functionality in Victoria, at the moment, Lumos must deal with leveraging its current belongings somewhat than investing in new belongings,” chief govt Doug Ward mentioned.
The choice comes after the corporate introduced plans to shut its US manufacturing facility in Sarasota, Florida, initially of this month.
Lumos is growing a COVID-19 speedy take a look at and makes a device that lets medical doctors work out whether or not an an infection is bacterial or viral, enabling them to resolve whether or not a affected person wants antibiotics.
The enterprise suffered a main setback to its progress technique final month when the US Meals and Drug Administration rejected that take a look at on the market, citing considerations it’d produce false negatives when detecting viral infections, and that this might contribute to the unfold of COVID-19.
Lumos has appealed the FDA’s determination, however the state of affairs has pressured the corporate to evaluation its operations and expenditure.