Periodic Reporting for period 1 - OMiProbe (Bio-optical probe technology for safe, fast and non-destructive cancer diagnosis)
Reporting period: 2016-03-01 to 2016-08-31
The objective of the OMiProbe project is aligned with the strategic objective of the European Commission for achieving a competitive and sustainable future for Europe, and the fight against cancer. The Commission identifies cancer screening and early diagnosis as the primary elements of this campaign. Similarly, the World Health Organization/Europe lists primary prevention, early detection and research as the keys to developing an effective public health strategy on cancer. Our goal is to join the fight against cancer, and address precisely the need for minimally invasive, fast and efficient, low-cost and accurate cancer detection and diagnosis devices.
Objective of the Phase 1 SME Instrument Feasibility Study was to determine if the OMiProbe technology is a viable and sustainable business opportunity. Specifically, to carry out in-depth market analysis, in which we identify the market opportunities for the OMiProbe, technical trends and market forecasts. In parallel, we prepared a business plan based on the results of the feasibility report, technological analysis and the analysis of relevant policies and regulations. We have developed a work plan for following phases of the project and have taken appropriate actions to protect IPR.
Objective of the Phase 1 SME Instrument Feasibility Study was to determine if the OMiProbe technology is a viable and sustainable business opportunity. Specifically, to carry out in-depth market analysis, in which we identify the market opportunities for the OMiProbe, technical trends and market forecasts. In parallel, we prepared a business plan based on the results of the feasibility report, technological analysis and the analysis of relevant policies and regulations. We have developed a work plan for following phases of the project and have taken appropriate actions to protect IPR.
Our detailed feasibility study covered following Tasks:
Task 1: Execute search for the CRO for biological and medical performance validation;
CRO services represent an integral part in the project and are therefore critical for the success in meeting our goals during execution of further development and implementation of the innovation. We view the selected party as a strategic partner whose role goes beyond providing a defined service for a fee. In our preparations toward Clinical Trials we have interviewed and performed due diligence on as many as four independent CRO’s.
Task 2: Execute consortium agreement for Phase 2;
We have reached an agreement with partners in terms of consortium aspects. Features such as commercialization process, IPR and manufacturing were established.
Task 3: Investigate OMiProbe application in diverse environment and execute technical scalability / gaps analysis;
Detailed assessment of the technical viability, applications and refinements required to achieve industrialization and final commercialization of OMiProbe was performed. Results of the analysis were reported used to generate a comprehensive Work Plan for Phase 2 of the project.
Task 4: Define any product refinements to be carried out in Phase 2, and build a Work Plan;
A comprehensive Work Plan was generated for the execution during Phase 2, specifically technological and commercial Work Packages.
Task 5: Scientific and medical consultation to verify adaptations;
We have analyzed the application of OMiProbe under consultancy with scientists and subject area experts. Refinements, strategy and application opportunities were identified, with results incorporated into a comprehensive Work Plan.
Task 6: Investigate IPR framework to protect our intellectual property, and execute freedom to operate analysis;
We have performed extended analysis of the Intellectual Property in our company and prepared a strategy to be implemented in the next phase of the project.
Task 7: Prepare Market Study and build an elaborated Business Plan;
Detailed market study was performed. We have identified market trends and the ecosystem in the cancer diagnosis arena, which should be included in our business network. Production and distribution were planned. Financial projections were simulated. The most suitable market opportunities for the OMiProbe were identified.
Task 1: Execute search for the CRO for biological and medical performance validation;
CRO services represent an integral part in the project and are therefore critical for the success in meeting our goals during execution of further development and implementation of the innovation. We view the selected party as a strategic partner whose role goes beyond providing a defined service for a fee. In our preparations toward Clinical Trials we have interviewed and performed due diligence on as many as four independent CRO’s.
Task 2: Execute consortium agreement for Phase 2;
We have reached an agreement with partners in terms of consortium aspects. Features such as commercialization process, IPR and manufacturing were established.
Task 3: Investigate OMiProbe application in diverse environment and execute technical scalability / gaps analysis;
Detailed assessment of the technical viability, applications and refinements required to achieve industrialization and final commercialization of OMiProbe was performed. Results of the analysis were reported used to generate a comprehensive Work Plan for Phase 2 of the project.
Task 4: Define any product refinements to be carried out in Phase 2, and build a Work Plan;
A comprehensive Work Plan was generated for the execution during Phase 2, specifically technological and commercial Work Packages.
Task 5: Scientific and medical consultation to verify adaptations;
We have analyzed the application of OMiProbe under consultancy with scientists and subject area experts. Refinements, strategy and application opportunities were identified, with results incorporated into a comprehensive Work Plan.
Task 6: Investigate IPR framework to protect our intellectual property, and execute freedom to operate analysis;
We have performed extended analysis of the Intellectual Property in our company and prepared a strategy to be implemented in the next phase of the project.
Task 7: Prepare Market Study and build an elaborated Business Plan;
Detailed market study was performed. We have identified market trends and the ecosystem in the cancer diagnosis arena, which should be included in our business network. Production and distribution were planned. Financial projections were simulated. The most suitable market opportunities for the OMiProbe were identified.
Phase 1 execution proved that OMiProbe project is feasible and has a great commercial value. Therefore, we plan to continue development of our product and technology to eventually offer it on the market.