For pathologists to be able to meet the rising demand, the method of analysis needs to be streamlined. We have, by and large, relied on the same technology since the early 1940s, when it was developed by Albert Coons, who found a way to mark antigen using antibodies2. This laid the foundation of the immunohistochemistry of today, which has made it possible to identify cell types and thus make diagnosis.
We have many committed shareholders, and we have been asked when the results will be presented. We will adhere to the common standards of medical science, which entails that the research group first compiles the findings in preparation of the planned publication in scientific journals before we disclose them ourselves.
Thus far, our work has focused on making the information in tissue samples clearer and more separated to facilitate the interpretation made by pathologists. Our next step will be to develop an AI-based decision support system, which will facilitate and accelerate the time-consuming analysis even further for the pathologists. Our technology is well suited for automatic classification by means of AI. In the future, pathologists will be able to spend more time analyzing the most challenging patient cases while leaving the diagnostics of more basic cases to Lumito's product. Lumito's unique and innovative technology makes it possible to establish the correct diagnosis for patients faster,
Lumito benefits immensely from Urban Widén's strong competence and international experience - which also includes managerial positions - in diagnostics, digital pathology in particular, automation and processing of scanned images and large volumes. Urban has an extensive international network and is fully familiar with the operations, which is positive for us considering Lumito's current stage, in preparation of the upcoming launch-
I was there already when we decided which path we would choose for the technology; it is my conviction that we made the right choice. A path where the company has the best opportunities to make the most progress, not only medically but commercially as well. The interest in the company indicates that we did choose the right path.The process to engage in closer dialogue with future partners begins now.
Digital pathology is already the standard way of procedure in some clinical pathology laboratories in Sweden; Lumito's technology is right on target with regard to this trend, and may actually accelerate it.
We are very pleased with our cooperation with Björn Isfoss. His contribution, based on his solid experience and breadth, will be fundamental to the future success of the company. We can ensure that we deliver something that the pathologists actually desire, that facilitates analysis and diagnosis. Björn will also be able to place emphasis on the other opportunities that our technology offers, how they can be packaged, and on other markers and reagents we could develop in the future.
We are pleased that we now have the internal competence and capacity in place to be able to take over the final optimization from RISE, and that we can continue to develop novel products in this area as well.
We are very pleased to have Tim Nilsson on board. He has a highly relevant background; he holds a Master of Science in chemistry and is very socially competent as well as well experienced within marketing and sales. This makes him the perfect fit for the role as product specialist.
RISE's statement entails that our product (instrument + staining reagent) for the reference clinics is now estimated to be ready during the second quarter, not the first as previously disclosed. The notice from RISE is regrettable, but it is of the utmost importance that we maintain a high quality when we supply the reference clinics with our product.
We are delighted that Andreas is joining us and that Lumito will be benefiting from his solid software development experience, which he gained with product development companies. His skills are an excellent fit with our continued development strategy, especially now that Anders Sjögren is transitioning to an advisory role for the company.
We are grateful for the great trust that our shareholders are placing in us; the capital we are raising now will bring stability to our forthcoming effort to launch our first product.
Staining kit and a novel device developed by Lumito give hope for more accurate diagnosis by keeping the advantage of H&E staining and combining it, in one image, with luminescent data, ideal for generating ground truth for machine learning algorithms.
When you examine the Her2 imaging based on Lumito's technology, you can readily understand the opportunities it opens for pathologists when they are able to see only the tissue they are interested in. The technology further opens the door for image processing, which may help facilitate automated diagnostics in the future.
It is an important step that we are now able work with the prototype on site to provide input for the further development of the beta prototype, and that we will now be able to demonstrate the functionality here in Lund to prospective customers and partners.