ASX Health Stocks: Lumos surges 25pc after patent grant in Europe and Japan

Lumos surges on patent granted in Japan and Europe
Singular Health announces strategic investment in the US
LGP’s founder steps down from CEO role

Lumos surges after patent granted in Europe and Japan

Lumos Diagnostics (ASX:LDX) surged 25% this morning after announcing that a core patent covering the camera technology used in its reader platform has been granted for Europe and Japan.

The patent, called “Device for reading an IVD assay”, covers the use of Lumos’ proprietary camera technology which is incorporated in many of its readers.

These readers have become a critical component of new point-of-care tests as they automate the reading of results, which in turn allows them to be seamlessly integrated into electronic medical record systems.

The patent covers the use of Lumos’ reader technology in the European and Japanese markets until 2036, and has already been granted in the United States and Australia.

Lumos CEO, Doug Ward, says access to the proprietary reader technology is highly valued by clients and partners, and has been a significant consideration for many of the contracts the company has recently secured.

“Having this technology covered by granted patents in the US, Australian, European and Japanese markets is important for Lumos and its clients from both competitive and commercial perspectives,” said Ward.

The LDX share price has risen by 70% after receiving FDA approval on FebriDx in July.

Now read: Lumos CEO on how LDX came back from brink of death to rise 8x, and what to expect next.

CG1 Ventures buys into Singular shares

Singular Health Group (ASX:SHG) meanwhile has also surged by 25%+ this morning after announcing a strategic investment from its master distributor in the US.

CG1 Ventures, a venture arm of Singular’s recently appointed Master Distributor for the USA, CG1 Solutions, will invest up to $850k in SHG’s shares at $0.055 per share (a 41% premium to the last closing price of $0.039).

The placement is being conducted on the same terms as the company’s last capital raise.

“Building on from our appointment of CG1 Solutions as our master distributor in the US just last month, this investment is a strong sign of confidence in achieving commercial contracts in the near-term future,” said Singular Health Group’s interim CEO, Denning Chong.

Biotron completes Phase 2 Covid trial

Biotron (ASX:BIT) has just announced the completion of its Phase 2 Covid-19 clinical trial.

The company said its antiviral drug BIT225 has completed dosing, marking the end of the clinical phase of the study.

The trial aimed to determine if seven days of treatment with BIT225 commenced within three days of onset of Covid-19 symptoms results in reduction in SARS-CoV-2 blood viral load.

Following the completion, focus will now be on the laboratory analyses of samples collected during the trial. Preliminary results are expected to be available in September.

LGP’s founder steps down from CEO role

Meanwhile, Little Green Pharma (ASX:LGP) announced that its CEO, Fleta Solomon, will transition to an executive director role, serving on the board.

Current long-term COO, Paul Long, is to be appointed CEO, effective from the AGM on 29 August.

Solomon is the founder of LGP, and has been a driving force behind the company’s growth.

“After seven years in the role as CEO, living and breathing Little Green Pharma, I’ve elected to reduce my workload and focus increasingly on those parts of the LGP business I’m most passionate about,” she said.

“While this is a difficult decision personally, it was made much easier knowing we have a ready-made replacement in our COO Paul Long.”