“Important milestones achieved.”
Urban Widén, CEO
The development of our innovative system for diagnosing tissue samples is going according to plan. Our product – the scanner and the staining fluids – will significantly improve the accuracy of the diagnoses of tissue samples. With higher contrast in the images, the opportunity is also created to be able to effectively quantify and automate the analyzes and shorten the response time.
We have also strengthened our own organization in reagent development and in June we took over protocols and quality assurance methods from RISE for final optimization in-house. This is also an important milestone achieved. We now have our own capacity to further develop the reagents for different needs.
Collaboration has been initiated with Imagene-iT regarding staining of tissue samples for our tests and internal verification. Collaboration agreements have also been signed with pathologists regarding counseling and quality assurance. During the quarter, we began to build up our capacity in image processing. This is a core competence for Lumito in terms of developing future quantification and automated analyzes.
We have been able to maintain our close contacts with potential customers and partners despite the Corona pandemic and interest in Lumito and our technology is increasing as we now approach verification and external validation.
The second quarter meant a higher cost level, mainly due to intensified development in connection with deliveries in June, but also due to the fact that we are building up our own capacity and organization. As we now enter a period of testing and verification, development costs in the coming quarter will decrease, which entails a significantly reduced burn rate, as the large external consulting assignments are scaled down after their completed deliveries in full accordance with the agreement.
Lund August 20th, 2020
CEO, Lumito AB