IPO Watch: Lumos Diagnostics rises but Ozz Resources falls

Two companies kicked off this week’s list of ASX debuts in Lumos Diagnostics (ASX:LDX) and Ozz Resources (ASX:OZZ).

The companies had opposite experiences upon listing, with Lumos rising but Ozz declining.

Lumos (ASX:LDX) and Ozz Resources (ASX:OZZ) share price charts

What now for Lumos Diagnostics post-IPO?

Lumos has two primary products in FebriDx (a finger-prick blood test which indicates if a person has a general bacterial or viral acute respiratory infection within 10 minutes) and CoviDx (an antigen test for COVID-19).

Both have received regulatory approval in multiple jurisdictions, but not yet in the US which Lumos hopes to achieve eventually.

Speaking with Stockhead this afternoon, Lumos CEO Rob Sambursky said he was confident his company could achieve it on the basis of obtaining clearance in other jurisdictions and meeting FDA requirements in their latest clinical trial.

“We know after reviewing the data from the Disrupt trial as well as our previous Pilot data is that we have met the FDA’s pre-determined requirements so we feel confident at this point we should at some point receive FDA clearance,” he said.

“However the timing for that clearance is hard to predict because there’s so much other activity at the FDA – they are overwhelmed by EUAs for COVID – and so while we are optimistic predicting when it will occur is the actual challenge.”

Ozz Resources falls

While Lumos rose on its IPO day, OZZ Resources (ASX:OZZ) dropped.

This company is a WA-focused gold, silver and copper explorer and it raised $5 million upon listing.

OZZ’s projects include the Maguire’s Reward project in the Central Murchison Region, and the Rabbit Bore project 100 kilometres east of Geraldton.

It plans to commence a 5,000m reverse circulation drill program at Maguire’s Reward by July’s end with the aim of eventually establishing a JORC Mineral Resource.

The company’s board includes Jonathan Lea who was previously Managing Director of Polaris Metals which discovered the Carina iron ore deposit in WA and in 2010 was snapped up by Mineral Resources (ASX:MIN).

Today he said he was excited for OZZ to begin its life as an ASX-listed explorer.

“Shareholders can look forward to a diligent, focused and systematic exploration campaign across our key projects, with regular news-flow and a commitment to quickly evaluate and add value to our key assets while maintaining strong financial discipline and cost control,” Lea said.