There is an urging need for new technology approaches and pharmacological solutions to address the rising incidence of cancer. Current diagnostic options are often difficult to perform and limited in terms of sensitivity and ability to fully capture tumor heterogeneity. Given the drawbacks of the current diagnostic tools, there is a growing enthusiasm for the development of liquid biopsy (LB). LB allows the identification of cells, DNA or other cellular components originating from the tumor from blood and other body fluids. This new, minimally invasive, method for tumor identification shows high diagnostic sensitivity and holds the potential to transform the current cancer managing protocols. Building from a proprietary technology, Tethis has developed a new liquid biopsy platform based on the detection, enumeration, and characterization of circulating tumor cells (CTCs). The following report describes the actions undertaken by Tethis during the SME Instrument Phase I, in which we assessed the market potential of the technology and planned the next phases for the technical and commercial development of the company.