Lumito’s long-term vision is to offer a product that frees up resources, increases precision and minimizes the risk of human error to the digital tissue diagnostics market. 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 automation and digital analysis.
During the third quarter, the final product optimization has been carried out in-house in order to build up the internal competence and capacity required to continue development and management of the current and upcoming products. Lumito’s Senior Chemical Engineer, Matthias Mickert, has, together with our partner ImaGene-IT AB, focused on optimizing Lumito’s reagents for application of markers on diseased tissue. This work has been successful.
As part of our effort to attach advisors to the company within the pathology core area, Björn Isfoss was presented as an advisor to Lumito during the period. Björn Isfoss has displayed considerable commitment to the company as well as strong confidence in the technology and the adaptation of our product to the needs of the market.
In August, we were reached by the sad news that our colleague, Lumito’s CEO Stefan Nilsson, suddenly had passed away in connection with exercise training. During an extraordinary meeting of the Board of Directors, it was resolved that I would assume the position of acting CEO while Henrik Ljung, Lumito’s CFO, was appointed deputy CEO. The situation was extraordinary; the whole team was mourning the loss of Stefan, but work had to continue. My immediate focus was to become acquainted with the team and to stand with them in their sorrow as well as their work.
During the period, two of the company’s patents related to tissue diagnostics were granted in Europe. The patents specifically cover the area of application where Lumito will launch its first product.
The awareness of Lumito’s potential is growing among companies active in digital pathology, and the company has been approached by leading health technology and diagnostics companies. A process of discussions with future partners has begun.
A great deal of my early days as newly appointed acting CFO was spent on the directed new share issue, which was carried out on October 1, 2020, by means of the so-called book building process. The reasons for the deviation from the shareholders’ preferential rights were to raise capital in a time- and cost-efficient manner and to promote diversification of the shareholder base. Warrants were issued free of charge and allotted to existing shareholders. 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.
I would like to thank everyone on the Lumito team for their work through this extraordinary time. We are now jointly looking forward to the validation of our product at the end of the year and the CE marking approval next year – a milestone on our way to market launch. We are further looking forward to continuing our dialogue with industrial players relating to potential future cooperation on issues such as volume manufacturing and distribution, an effort that is already under way.
Lund, November 3, 2020
Acting CEO of Lumito AB