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We remain focused on technology to offer as competitive a product as possible, with more potential functions and additional applications, but we also focus on our strategic work, which includes a flexible and scalable business model that attracts operators in the global market for digital tissue diagnostics.

Mattias Lundin
CEO Lumito

Lumito has the potential to improve and enable a streamlining of tissue diagnostics (digital pathology) by developing and launching a novel, innovative system comprised of a scanner and reagents based on technology protected by worldwide patents. This has been confirmed by the initial feedback from the system and our advisors. The technology for tissue imaging has a large number of potential areas of application. Initially, we have decided to focus on immunohistochemistry in the field of histopathology, that is, tissue diagnostics in digital pathology. The method is often used in the diagnostics of cancer, autoimmune diseases and other diseases and in medical research, in combination with standardized staining methods. Our technology has the potential to scan a single tissue sample for several disease markers simultaneously. A staining in parallel allows multiple analyses to be performed at the same time, more reliably and with higher quality.

The patent effort is a permanent work in progress, and we are working actively on patents and intellectual property rights to create a competitive product with a strong patent protection. In parallel, we are continuously assessing where the industry is headed and which future technologies should be protected. Lumito’s comprehensive patent strategy further includes the patenting of parts of the technology suitable for out-licensing in application areas where we have no intentions to market products of our own.

Our first patent family, protecting the use of upconverting nanoparticles (UCNPs) for imaging in scattering materials such as human tissue, has patents granted in key regions across the world. Since August, this also includes Europe. The patent confers a broad scope of protection, even beyond medical use. The basic patent was also granted in Brazil, and we are awaiting additional responses, for example to an application concerning India.

For the first time since the outbreak of the pandemic, we have held physical meetings with our development partner TTP plc in our office. We note that a cooperation based on physical meetings is preferable to cooperation at a distance.

An additional scanner was supplied by the Company’s development partner TTP plc (TTP) in October. This scanner features improved functionality and gives us additional capacity to test new indications and complete the evaluation of the breast cancer marker Her2. The development took place at TTP outside Cambridge. After delivery, the scanner successfully underwent an acceptance test at Lumito’s premises. TTP’s representative also arranged a training course for new employees on the construction of the optics and the workings of the system. Compared with the previous hardware, the new scanner features a more powerful internal PC, which improves performance. The new version is also more user friendly, quieter, and equipped with a larger access panel. The security lock on the laser unit is also more sophisticated. During the meeting, we planned the next steps to improve the system further, such as ways to facilitate manufacturing and ensure the longevity of various components.

Another productive meeting during the quarter was with our advisor, pathologist Björn L Isfoss, who gave us positive feedback on our latest images and how specific stainings with Lumito’s reagents would be perceived in terms of, for example, sharpness and colour consistency. We also discussed how Lumito’s images as presented on the computer screen would meet the needs and, not least, the demands of pathologists.

We remain focused on technology to offer as competitive a product as possible, with more potential functions and additional applications, but we also focus on our strategic work, which includes a flexible and scalable business model that attracts operators in the global market for digital tissue diagnostics.

Lund, October 2021

Mattias Lundin, CEO of Lumito AB (publ)