BOSTON & LONDON – (COMMERCIAL THREAD) – LumiraDx Limited (“LumiraDx”), a next-generation point-of-service diagnostic (“POC”) company and CA Healthcare Acquisition Corp. (“CAHC”), a dedicated Nasdaq-listed acquisition company, today announced the completion of the previously announced merger. The shareholders of the CAHC approved the merger (the “Merger”) at a special meeting held today and the final voting results will be disclosed by the 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 that are now due for adoption as part of the merger. Trading will begin on Nasdaq on September 29, 2021 under the symbol “LMDX” for common shares and “LMDXW” for warrants supported by LumiraDx from CAHC.
LumiraDx is positioned to drive diagnostic test transformation with a pipeline of more than 30 tests in common health conditions including infectious disease, cardiovascular disease, diabetes and bleeding disorders.
The LumiraDx platform is used by CVS Pharmacy Inc in the United States, the National Health Service and Boots in the United Kingdom, a significant number of accident and emergency rooms in Italy and other parts of Europe , hospital systems in Japan and South America, and is being rolled out 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 on the market, including its comprehensive portfolio of fast, accurate and cost-effective COVID-19 testing solutions and has 10 slated for regulatory submission or clearance by the end. from 2022, including tests for troponin, influenza / COVID, and congestive heart failure.
“LumiraDx was founded to disrupt current point-of-care diagnostic options by delivering fast and highly accurate results wherever the patient is,” said Ron Zwanziger, President and CEO of LumiraDx. “Our test technology, which allows us to evolve rapidly and offer comparable laboratory tests with rapid results in all health conditions, is impacting healthcare in all market segments, including doctor’s office, retail pharmacy, emergency care and global health. Now, as a publicly traded company, we can accelerate our expansion in all geographies and health conditions, which impacts access to global healthcare and testing and brings value to our shareholders and customers. ”
The Merger values LumiraDx at $ 3.0 billion (excluding amounts raised by CAHC during its IPO).
“The LumiraDx leadership team has decades of entrepreneurial success in point-of-service and we believe the LumiraDx platform offers a significant opportunity for our shareholders,” said Larry Neiterman, President and CEO of the ‘ACCS. “We look forward to the expansion of LumiraDx’s testing menu and its continued innovation in the care space. The clear patient benefit of LumiraDx’s diagnostics allows the company to target a large and under-penetrated testing market.
LumiraDx has shipped over 15,000 platforms worldwide, with tests being deployed in over 90 countries. LumiraDx’s COVID-19 antigen and antibody tests have received Emergency Use Clearance (EUA) from the United States Food and Drug Administration (FDA) and have been CE marked. The company’s INR, D-Dimer and COVID-19 Pooling tests have also been CE marked and are commercially available in Europe.
Evercore, Inc. and Raymond James & Associates, Inc. are financial advisors to LumiraDx. BTIG, LLC acts as financial advisor and capital markets advisor to CA Healthcare Acquisition Corp. Fried, Frank, Harris, Shriver & Jacobson LLP and Goodwin Procter LLP are legal advisers to LumiraDx. Sidley Austin LLP is acting as legal counsel to CASC.
LumiraDx is a next-generation point-of-care diagnostics company transforming community healthcare. Founded in 2014, LumiraDx manufactures and markets an innovative diagnostic platform that supports a wide range of tests with comparable performance in the laboratory at the point of care. LumiraDx diagnostic test solutions are deployed by governments and major healthcare providers institutions through laboratories, emergency care, doctor’s offices, pharmacies, schools and workplaces to screen, diagnose and monitor well-being as well as disease. LumiraDx has over 30 tests on the market and in development covering infectious disease, cardiovascular disease, diabetes and bleeding disorders, all on the LumiraDx platform. Additionally, LumiraDx has a comprehensive portfolio of fast, accurate, and cost-effective COVID-19 testing solutions from the lab to the point of need.
LumiraDx is based in the UK and has over 1,500 employees worldwide.
More information can 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 carrying out a merger, a capital stock exchange, an asset acquisition, a share purchase, a reorganization or a similar business combination with one or more companies . For more information visit www.cahcspac.com/.
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 statements. from CAHC or LumiraDx. future financial or operational performance. For example, LumiraDx’s market positioning, 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 words such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “Believe”, “predict” or the negative aspects of these terms or their variations or similar terminology. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based on estimates and assumptions which, while believed to be reasonable by ACCS and its management, and LumiraDx and its management, as the case may be, are inherently uncertain. Factors that could 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 brought against LumiraDx or others as a result of the announcement and / or the closing of the Merger and any definitive agreement in this regard; 2) the ability to meet Nasdaq listing standards after the completion of the Merger; 3) the risk that the Merger will disrupt LumiraDx’s current plans and operations following the announcement and completion 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 its growth profitably, to maintain relationships with customers, manufacturers and suppliers and retain its management and employee keys; 5) costs related to the Merger; 6) changes in applicable laws or regulations; 7) the possibility that LumiraDx will be adversely affected by other economic, commercial and / or competitive factors; 8) LumiraDx’s estimates of its financial performance; and 9) other risks and uncertainties set out in the section entitled “Risk Factors” and “Caution Regarding Forward-Looking Statements” in the proxy and prospectus filed by LumiraDx pursuant to Rule 424 (b) (3) with SEC on September 3, 2021 and those included in any of its future SEC filings. Nothing in this press release should be taken as a representation by any person that the forward-looking statements set forth herein will be realized or that any of the intended 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 on which they are made. Neither the CAHC nor LumiraDx undertake to update these forward-looking statements, unless the law requires otherwise.