LumiraDx to Become Publicly Traded following Successful Closing of Merger with CA Healthcare Acquisition Corp.
LumiraDx’s common shares will commence trading on September 29, 2021 on Nasdaq under the ticker symbol “LMDX”
The Merger values LumiraDx at $3.0 billion (excluding the amounts raised by CAHC in its initial public offering)
BOSTON, MA and LONDON, UK, Sept. 28, 2021 – LumiraDx Limited (“LumiraDx”), a next-generation point of care (“POC”) diagnostic testing company and CA Healthcare Acquisition Corp. (“CAHC”), a special purpose acquisition company traded on Nasdaq, today announced the completion of the previously announced merger. CAHC stockholders approved the merger (the “Merger”) during a special meeting held today and final voting results will be disclosed by CAHC on a Form 8-K to be filed with the Securities and Exchange Commission (“SEC”). LumiraDx securityholders also voted to approve all of the proposals today required to be passed in connection with the Merger. Trading will begin on Nasdaq on September 29, 2021 under the ticker symbol "LMDX” for the common shares and “LMDXW” for the warrants assumed by LumiraDx from CAHC.
LumiraDx is positioned to drive transformation in diagnostic testing with a pipeline of 30+ assays across common health conditions including infectious diseases, cardiovascular diseases, diabetes, and coagulation disorders.
The LumiraDx platform is being used by CVS Pharmacy Inc in the U.S., the National Health Service and Boots in the UK, a significant number of accident and emergency rooms in Italy and other parts of Europe, hospital systems in Japan and across South America, and is being deployed in partnership with the Bill & Melinda Gates Foundation in a growing number of African countries where access to high quality diagnostics is limited.
LumiraDx currently has 5 LumiraDx Platform tests in the market, including its comprehensive portfolio of fast, accurate, and cost-efficient COVID-19 testing solutions and has 10 scheduled for regulatory submission or clearance by the end of 2022, including tests for troponin, flu/COVID, and congestive heart failure.
The Merger values LumiraDx at $3.0 billion (excluding the amounts raised by CAHC in its initial public offering).
“The management team of LumiraDx has decades of entrepreneurial success in the point of care setting and we believe the LumiraDx Platform provides a significant opportunity for our shareholders,” said Larry Neiterman, Chairman and CEO of CAHC. “We look forward to the expansion of LumiraDx’s testing menu and its continued innovation within the point of care space. The clear patient benefit of LumiraDx’s diagnostics allows the company to target a large and underpenetrated testing market.”
LumiraDx has shipped more than 15,000 Platforms globally, with tests being rolled out in more than 90 countries. LumiraDx’s COVID-19 antigen and antibody tests have received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) and achieved CE Mark. The company’s INR, D-Dimer and COVID-19 Pooling tests have also achieved CE Mark and are commercially available in Europe.
Evercore, Inc. and Raymond James & Associates, Inc. are serving as financial advisors to LumiraDx. BTIG, LLC is serving as financial advisor and capital markets advisor to CA Healthcare Acquisition Corp. Fried, Frank, Harris, Shriver & Jacobson LLP and Goodwin Procter LLP are serving as legal advisors to LumiraDx. Sidley Austin LLP is serving as legal advisor to CAHC.
Travis Kruse, Ph.D.
+1 949 648 7286
Aman Patel, CFA
LumiraDx is a next-generation point of care diagnostics company that is transforming community-based healthcare. Founded in 2014, LumiraDx manufactures and commercializes an innovative diagnostic Platform that supports a broad menu of tests with lab comparable performance at the point of care. LumiraDx diagnostic testing solutions are being deployed by governments and leading healthcare institutions across laboratories, urgent care, physician offices, pharmacies, schools, and workplaces to screen, diagnose, and monitor wellness as well as disease. LumiraDx has, on the market and in development, 30+ tests covering infectious diseases, cardiovascular diseases, diabetes, and coagulation disorders, all on the LumiraDx Platform. In addition, LumiraDx has a comprehensive portfolio of fast, accurate, and cost-efficient COVID-19 testing solutions from the lab to point of need.
LumiraDx is based in the UK with more than 1500 employees worldwide.
More information may be found at LumiraDx.com
Photography courtesy of Nasdaq, Inc.