Lumito has signed an agreement with the UK development company TTP plc regarding the development of Lumito’s digital pathology product. TTP has extensive competence and experience in product development in medicine and biotechnology. The development takes place in well-defined steps with clear deliveries and in close cooperation with Lumito. This optimises the ability to effectively get a commercial product to the market.
The first step is ongoing, and involves the development of a laboratory prototype to verify instrument technology and reagents. This phase is expected to be completed in Q3 2018.
The forthcoming phases involve development of a commercial analysis tool as well as reagents, production adjustments and production set-up by a contracted supplier.
The choice to focus primarily on digital pathology and tissue diagnostics in vitro is based on market potential, but also on the ability to commercialise a product relatively quickly. The company plans to launch a product in Q1 2020.
The company has great confidence in the task of solving the technical challenges and developing a customised technical and business solution aimed at this market.
The company intends, as a second step, to develop products for drug screening. The Company’s technology is expected to have great potential to significantly reduce the cost of drug studies by drastically reducing the number of test animals.