Lumito AB Quarterly Report (1 October to 31 December) 2019

Financial overview of the fourth quarter, 1 October - 31 December 2019

  • Result after taxes amounted to kSEK -2,545 (-2,148).
  • Basic and diluted earnings per share amounted to SEK -0.04 (-0.08).
  • Cash flow from operating activities amounted to kSEK -3,145 (-2,148).
     

Financial overview of the year as a whole, 1 January - 31 December 2019

Result after taxes amounted to kSEK -7,862 (-5,046). Earnings per share was SEK -0.18 (0.20).

  • Cash flow from operating activities amounted to kSEK -8,457 (-5 ,046) .
  • Cash and cash equivalents amounted to kSEK 30,546 (13,692) on the balance sheet date.
  • Significant events during the year as a whole, 1 January - 31 December 2019

First quarter

  • First results from new instrument prototype showed significantly improved image quality.
  • Cooperation with CR Competence regarding characterization of nanoparticles was initiated.Contractual offset share issue to TTP was adopted. 
  • Application for a patent regarding pulsed-light imaging was approved in the US.

Second quarter

  • The Company employed the services of QAdvis and initiated the CE conformity marking process. 
  • The rights issue that was carried out during spring 2019 consisted of shares and series TO2 subscription warrants. The issue including over-allotment provided the Company approximately MSEK 38.7 in cash, before issuance costs.

Third quarter 2019

  • The alpha prototype of the instrument was delivered to Lumito according to plan.

Fourth quarter

  • Important progress was made in product development – simultaneous staining in the same section, with high degree of detail.
  • In order to ensure the quality and stability of the development process of Lumito's staining reagents, Lumito entered into a cooperation with RISE (Research Institutes of Sweden) entailing RISE taking over over the development results relating to the reagents from Lumito’s development partner TTP plc. RISE will optimize protocols to ensure a stable and uniform production process.
  • Shareholders showed great confidence in Lumito when the first exercise period for the Series 2 TO2 subscription warrant ended.
  • The exercise rate was 72.3 percent, and in total, 11,179,281 new shares were subscribed during the first exercise period at an exercise price of SEK 1.45 per share. Lumito was provided approximately MSEK 16.2 in proceeds, before issuance costs, giving the Company financial stability as it proceeds with the effort to launch its first product.
  • The effort to raise awareness of the Company among pathologists as well as shareholders continued. The Company presented at the Digital Pathology & AI Congress in London, but also at Stora Aktiedagen in Gothenburg and in Stockholm, as well as at Småbolagsjakten in Stockholm. A new company video was launched in connection with these presentations.

Events after the end of the period

  • Anders Sjögren, currently the Company's CTO, assumes a new role as senior adviser. His replacement, Andreas Johansson, began his service on 13 January 2020.
  • Lumito’s staining reagent development partner has announced that work on reagents still is on-going, expected to be finished during the second quarter.
     

This information is information that Lumito AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, on 13 February 2020, at 6:30 PM.

 

For more information, please contact:
Stefan Nilsson, CEO of Lumito AB (publ) 
Email: 
sn@lumito.se
Please see also: Lumito.se

 

Lumito is specialised in research and development of imaging technologies for medical applications. The technology is based on so called UCNP:s (Up Converting Nano Particles) and is aiming to increase image quality in biomedical applications. Lumito´s IPR covers, with UCNP:s as markers, imaging with high quality of for instance tissue samples. The technology has several possible application areas and Lumito has firstly focused on digital pathology. Lumito has an agreement regarding development of instrument and staining kits with TTP plc (The Technology Partnership) in Cambridge UK. Lumito shares LUMITO MTF and warrants LUMITO MTF TO2 are traded at the marketplace NGM Nordic MTF. www.lumito.se

Tags: