Q&M unit Acumen Diagnostics exploring Nasdaq listing

SINGAPORE (THE BUSINESS TIMES) - Acumen Diagnostics, a subsidiary of mainboard-listed Q&M Dental Group, is exploring a proposed listing on the Nasdaq stock exchange in New York, Q&M said on Monday (Jan 17).

Medical technology company Acumen Diagnostics was set up in 2020 as a joint venture between Q&M and Ong Siew Hwa, the founder of Acumen Research Laboratories. It operates clinical labs that process polymerase chain reaction (PCR) tests for Covid-19.

Noting that the Nasdaq is known for technology and innovation, Acumen Diagnostics expects a listing status on Nasdaq will provide it with ready access to the world's largest economy, an expanded investor base and additional source of financing.

It is also "an excellent opportunity" for the company to enhance its corporate profile as it seeks to further expand its business, it added.

The proposed listing is still at the preparatory and evaluation stage, hence no application has been made to Nasdaq or any other regulatory authority or stock exchange yet, the company said.

Acumen Diagnostics is 51 per cent owned by Q&M and 49 per cent owned by Catalist-listed Aoxin Q&M Dental Group - an associated company of Q&M.

The company was previously granted a licence by the Ministry of Health to provide swabbing and Covid-19 polymerase chain reaction tests services. It had also said that its tests are capable of detecting Covid-19-positive cases of variants Omicron and Delta.

Acumen Diagnostics has appointed UOB Kay Hian to assist with the listing evaluation and all relevant preparatory work, including the selection of professional advisers and underwriting banks.

Shares of Q&M closed at 61 cents on Friday, down 0.5 cent, or 0.8 per cent, while shares of Aoxin Q&M closed flat at 24.5 cents.