Periodic Reporting for period 1 - LABMASTER LUCIA (Labmaster Lucia - revolutionizing blood diagnostics with rapid accurate low-cost point-of-care tests)
Reporting period: 2018-02-01 to 2018-05-31
The Labmaster Lucia is the next generation diagnostics instrument for point-of-care blood tests. The compact instrument harnesses the breakthrough LM-CECL method to increase diagnostic speed and precision. Using the Lucia, medical professionals can easily perform diagnostics on site and obtain accurate results within five minutes at a fraction of the cost of existing methods. The Lucia allows simultaneous testing of multiple biomarkers from one blood sample, surpassing methods that require several samples. Blood diagnostics are a critical step in patient treatment, directing over half of all clinical decisions. Current options are often slow and costly: blood samples are sent to a laboratory with expensive, immobile equipment or tested on site with low-accuracy and limited devices. The growing healthcare sector demands efficient mobile instruments to enable rapid diagnosis in hospitals and small clinics.
The main advantage of this technology is cost-effectiveness achieved by replacing expensive optics with low priced sophisticated electronics. This technology is suitable for many kinds of laboratory instrumentation applications. Labmaster owns the immaterial property rights for this technology and has the strategy to protect further its findings related to new applications.
The feasibility study focused on the technical and commercial viability of new types of test assays for common conditions. The successful study resulted in a new test cartridge that improves the usability and value of the Lucia, and a commercialisation strategy to ensure it can achieve set sales targets which are presented as a full business plan.
The biomarker assay research prepared a new test cartridge for use in the Lucia CECL IVD device. In the biomarker assay research potential biomarkers from shortlist of common conditions were selected and a biomarker was prepared through laboratory work, statistical analysis of results and optimization. The results are production-ready specifications for a new test kit.
The commercialisation study developed a commercial strategy to secure distributors and achieve sales. The commercialisation study included several actions. Market and customer analysis, competitor analysis, and sales strategy update were prepared and the results were updated to a full Business Plan. Presentation materials were prepared and the team is committing a plan to attend several medical conferences during 2018 to disseminate information and to contact with potential partners. A target shortlist of European medical device distributors was created and they are being contacted systematically. As the result, Labmaster has the complete understanding of the market situation, a detailed sales strategy and a network ready for full commercialisation of the Lucia device.