Atomo Diagnostics raising after shares climb 136pc

afr.com:

Listed medical device maker Atomo Diagnostics had its broker Bell Potter drumming up interest in an equity raising, after its shares climbed 136 per cent from 2.2¢ at June end to 5.2¢ on Monday’s close.

Atomo is well below its IPO price despite the recent rally. Louise Kennerley

Atomo was offering shares at 3.6¢ each, or a 30.8 per cent discount to the last close and 53.5 per cent lower than the five-day volume weighted average price. The raise was split into a $2 million placement and a $2 million share purchase plan.

It would use the proceeds for approvals and rollout of its early pregnancy and iron deficiency tests, according to a term sheet sent to potential investors. Bids were due 4pm.

The stock rose after its client, Lumos Diagnostics on July 3 said it had received US Food and Drug Administration approval to market its FebriDx test in the country to diagnose bacterial acute respiratory infection. (Atomo’s Pascal test platform is used in FebriDx).

However, it is well below its IPO price despite the recent rally.

It listed on the ASX in April 2020, after an IPO bookbuild done at 20¢ a share and has traded as high as 52¢.