- Lumos completes first phase of development deal with Nasdaq-listed firm, Hologic, Inc
- The collaboration aims to improve Hologic’s existing product for pre-term birth diagnosis
- IDT receives grant from the Victoria State Government to set up Australia’s first manufacturing facility for Antibody-Drug-Conjugates (ADCs)
Lumos completest first phase of agreement with Hologic, Inc
Lumos Diagnostics (ASX:LDX) has completed the first phase of its Development Agreement to develop a new foetal fibronectin (fFN) test for leading women’s health company, Hologic, Inc. (NASDAQ: HOLX).
On January 11, Lumos shared some exciting news about teaming up with Hologic. They signed two deals together: one worth $10 million for Intellectual Property and another valued at $4.7 million for development.
These agreements aim to improve Hologic’s existing product for pre-term birth diagnosis, making it even better and more user-friendly.
The focus of these agreements is to work on a new version of Hologic’s product and make it compatible with Lumos’ special reader platform, offering better ways to connect and use the product.
The Development Agreement involves three main phases:
Phase 1 – Product Definition and Planning: define the parameters for the product and establish a project plan – US$0.4 million;
Phase 2 – Assay Feasibility: conduct work to demonstrate the assay can detect the biomarkers – US$0.6 million; and
Phase 3 – System Prototype Delivery: deliver a working prototype of the system – US$3.7 million.
Lumos has already finished Phase 1, which focused on planning and defining the product. The company is now due to receive $0.4 million for this phase, with half of it recognised in Q3 FY24 and the rest in Q4 FY24.
With Phase 1 complete, Lumos is now preparing to commence Phase 2 of the Development Agreement, entitled Assay Feasibility which is designed to demonstrate that the assay can detect the biomarkers associated with the new fFN test.
The fFN test is a big part of the pre-term diagnostic tests sold in the US.
It looks for a protein called fFN, which shows up more as a woman gets closer to giving birth.
If fFN is found between weeks 22 and 35 of pregnancy, it might mean the woman could give birth early. A positive result means there’s a higher chance of giving birth within the next two weeks.
In the US, about 2.5 million of these tests are done every year, and the insurance reimbursement for each test is about US$64.41.
“Achieving milestone approval from Hologic is excellent validation of the project work completed by the Lumos team, whilst providing additional strength to the company balance sheet through further project funding and a positive outlook on the likelihood of Lumos delivering on subsequent phases,” said Lumos’ CEO, Doug Ward.
IDT gets grant from Victoria
IDT Australia (ASX: IDT) meanwhile has just received a grant from the Victoria State Government to help set up Australia’s first manufacturing facility for Antibody-Drug-Conjugates (ADCs), which are a special type of cancer treatment.
This grant, from the Victorian Industry Investment Fund, will support IDT’s new $3.8 million facility in Boronia, Victoria.
ADCs are a cutting-edge type of cancer treatment that targets cancer cells specifically, without harming healthy ones. IDT is already partnering with ADC biotech companies and has deals to help make these drugs.
The global market for ADCs is expected to grow a lot in the next 15 years, possibly taking over a big part of traditional chemotherapy.
Making ADCs is tricky, so pharmaceutical companies often team up with Contract Design and Manufacturing Organizations (CDMOs) like IDT for about 60% of their production.
As part of the grant deal, IDT has to meet certain goals, like pitching in for the project’s costs and creating new jobs in the state.
The government will fund this support over a year in three parts. IDT, on the other hand, will cover the rest of the project costs using its own funds and loans. Unfortunately, we can’t share the exact amount of the grant due to confidentiality rules.
IDT says this new facility will give IDT an edge in the industry, which is tough to break into, and it will boost growth in its Advanced Therapies business.
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