Q&M subsidiary Acumen Diagnostics to explore Nasdaq listing

Negative Covid-19 self-testNegative Covid-19 self-test

Acumen Diagnostics (ADPL), which is 51 percent owned by Q & M Dental Group (Singapore), has appointed UOB Kay Hian to explore a listing of the diagnostic testing company on the U.S. stock exchange Nasdaq, according to filings to SGX Monday. 

“The board of directors of ADPL believes that having a listing status in a leading global capital market of the status of Nasdaq is beneficial to ADPL as this provides ADPL with ready access to the world’s largest economy, an expanded investor base and additional sources of financing. The proposed Nasdaq Listing is also an excellent opportunity for ADPL to enhance its corporate profile as it seeks to further expand its business,” a filing to SGX said. 

Acumen Diagnostics, a private company, focuses on the research, manufacture, sale and distribution of PCR (polymerase chain reaction) diagnostic test kits, and conducting laboratory testing, including for infectious diseases, cancer and Covid-19.

In December, it was announced that Acumen Diagnostics planned to begin offering swabbing and Covid-19 PCR testing at Q & M Dental’s network of clinics in Singapore, starting with an initial 10 sites and the company’s headquarters. 

The remaining 49 percent of Acumen Diagnostics is held by Aoxin Q & M Dental Group, which is 32.95 percent held by Q & M Dental as of 1 November, according to SGX data. 

Aoxin Q & M announced it would acquire its 49 percent stake in August 2021 from Acumen Holdings, with Ong Siew Hwa to remain as CEO. 

 


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