Lumos Diagnostics: Closes Sarasota facility in effort to reduce costs

Lumos Diagnostics Closes Sarasota facility in effort to reduce costs

• Lumos Diagnostics (LDX) is closing its operations facility in Sarasota, Florida
• The decision reflects the company’s goal to reduce spending and improve operating cashflow
• Lumos, who specialises in point-of-care diagnostic testing, announced having 1.7 quarters left of available funding and is seeking financing options as well as implementing cost reduction measures
• The company has already begun winding up operations at the Sarasota facility and expects to complete this process either in late September or early October
• LDX shares end the day trading 5.66 per cent in the red at five cents