Lumito’s long-term vision is to offer the digital tissue diagnostics market a product that frees up resources, increases precision and minimizes the risk of human error when diagnosing cancer indications. The technology meets the increasing requirements of the market and makes it possible to improve tissue diagnostics significantly by enhancing the quality of analysis and shorten the analysis time. Our technology opens up entirely new prospects to search for multiple disease markers in the same tissue section, so-called multiplexing, and further enables digital analysis and automation.
The capital base was strengthened in October by means of a directed new issue of MSEK 45, in which the existing shareholders also were compensated for its dilutive effect. The proceeds will, among other things, be used to strengthen the organization and internal competence for a future launch and to conduct further development of the next generation of Lumito’s scanner and reagents.
Our technical team has been strengthened and Lars Lindgren, our previous consultant, has been hired as Project Manager and Advisor. He has also joined the senior management team. Moreover, we are planning for additional recruitments during 2021.
The fourth and last quarter of the year was characterized by a very intense phase. The updated hardware – the scanner – is in place, and all functionality of the new software is implemented. Our product has received its final commercial design, and we have carried out several validation activities out in the clinics. The work to fine-tune the technology continues, and we have great faith in our different advisors in this endeavour, as we have recruited several renowned pathologists and oncologists to the company. One of them is Björn Isfoss, who has displayed considerable commitment to the company and has strong confidence in the technology and the adaptation of our product to the needs of the market.
The tissue-sample market is growing steadily, as a result of increased life expectancy and likewise increasing morbidity – but also as a result of the more precise diagnostic responses that new, personalized treatment methods require. At the same time, the shortage of pathologists able to analyze the tissue samples is considerable, which is driving up analysis lead times. The accuracy of the pathologists’ analysis of tissue samples is unsatisfactory based on current methods, and there is a significant need for improved imaging and analysis.
We have produced results that align with the expectations in our set out and disclosed plans. With the positive initial results from development phase 2, I am looking forward to the review of the validation of our product in the 2021 CE mark certification – a milestone prior to market launch. I am further looking forward to continued dialogue with industrial actors about potential future cooperation on issues such as volume manufacturing and distribution, an effort that commenced by the end of 2020. Following the end of the period, we have announced that the process for listing our shares and warrants on Nasdaq First North Growth Market has been initiated.
It was a couple of marvelous months. Intense? Most definitely! I am proud of what the team has accomplished. I would nevertheless have liked it to be under more pleasant circumstances than the sudden demise of the company’s previous CEO, our colleague Stefan Nilsson, that I had got the privilege to come to know all co-workers a little better.
I will pass the torch to my successor, Mattias Lundin, who takes office as CEO on 8 March. As for me, I will return to the role of board member. Mattias will contribute experience from a number of different commercial roles. He is a team player with a strong track record when it comes to building successful teams and global expansion for novel technology. This bodes well for Lumito’s onward journey!
Lund, February 2021
Acting CEO, Lumito