- 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)
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.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210928006168/en/
LumiraDx Platform and Test Strip (Photo:
Business Wire)
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.
“LumiraDx was founded to disrupt current point of care
diagnostic options by providing rapid and highly accurate results
wherever the patient is,” said Ron Zwanziger, Chairman and CEO of
LumiraDx. “Our testing technology, which allows us to rapidly scale
and offer lab-comparable testing with fast results across health
conditions, is impacting healthcare across market segments,
including the physician’s office, retail pharmacy, emergency care,
and global health. Now, as a publicly-traded company, we can
accelerate our expansion across geographies and health conditions,
impacting global healthcare and testing access and bringing value
to our shareholders and customers.”
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.
Advisors
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.
About LumiraDx
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 1,500 employees
worldwide.
More information may be found at LumiraDx.com
About CA Healthcare Acquisition Corp.
CA Healthcare Acquisition Corp. is a special purpose acquisition
company formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. For more
information, visit www.cahcspac.com/.
Forward-Looking Statements
Certain statements in this press release may be considered
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
relate to future events or CAHC’s or LumiraDx’s future financial or
operating performance. For example, LumiraDx’s positioning in the
market, the size of the addressable market, and the timing of
regulatory approvals or clearances are forward-looking statements.
In some cases, you can identify forward-looking statements by
terminology such as “may,” “should,” “expect,” “intend,” “will,”
“estimate,” “anticipate,” “believe,” “predict” or the negatives of
these terms or variations of them or similar terminology. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by CAHC and its
management, and LumiraDx and its management, as the case may be,
are inherently uncertain. Factors that may cause actual results to
differ materially from current expectations include, but are not
limited to: 1) the outcome of any legal proceedings that may be
instituted against LumiraDx or others following the announcement
and/or closing of the Merger and any definitive agreements with
respect thereto; 2) the ability to meet the Nasdaq’s listing
standards following the consummation of the Merger; 3) the risk
that the Merger disrupts current plans and operations of LumiraDx
as a result of the announcement and consummation of the Merger; 4)
the ability to recognize the anticipated benefits of the Merger,
which may be affected by, among other things, competition, the
ability of LumiraDx to grow and manage growth profitably, maintain
relationships with customers, manufacturers and suppliers and
retain its management and key employees; 5) costs related to the
Merger; 6) changes in applicable laws or regulations; 7) the
possibility that LumiraDx may be adversely affected by other
economic, business and/or competitive factors; 8) LumiraDx’s
estimates of its financial performance; and 9) other risks and
uncertainties set forth in the section entitled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in the Proxy
Statement and Prospectus filed by LumiraDx pursuant to Rule
424(b)(3) with the SEC on September 3, 2021 and those that are
included in any of its future filings with the SEC. Nothing in this
press release should be regarded as a representation by any person
that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such forward
looking statements will be achieved. You should not place undue
reliance on forward-looking statements, which speak only as of the
date they are made. Neither CAHC nor LumiraDx undertakes any duty
to update these forward-looking statements, except as otherwise
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210928006168/en/
Media: Travis Kruse, Ph.D. tkruse@apcoworldwide.com +1
949.648.7286
Investors: Aman Patel, CFA IR@lumiradx.com +1 443.450.4191
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