Join our daily newsletter At The Bell to receive exclusive market insights
- Microscopic imaging company OptiScan Imaging (OIL) has reached the final milestone in its cooperation agreement with Carl Zeiss Meditec (CZM)
- The achievement of the milestone payment of €100,000 from CZM marks the move to the production phase of the agreement for the CONVIVO tech
- The CONVIVO system allows for examination of potentially cancerous tissue to be examined without the need for invasive biopsies
- With the final payment milestone achieved, CZM can now begin the commercial rollout in earnest, while OptiScan can continue research and development to further enhance the CONVIVO device
- OptiScan Imaging closed grey on Monday at 3.8 cents per share
Microscopic imaging company OptiScan Imaging (OIL) has reached the final milestone in its cooperation agreement with Carl Zeiss Meditec (CZM).
The achievement of the milestone payment of €100,000 from CZM essentially acknowledges the parties have have now moved to the production phase of the agreement for the CONVIVO digital biopsy tool.
What is CONVIVO?
Optiscan’s expertise in miniaturised confocal microscopes is what led to the CONVIVO partnership with CZM – a European meditech company at the cutting edge of in vivo tissue sampling and diagnostics.
The CONVIVO system allows for examination of potentially cancerous tissue to be examined without the need for invasive biopsies – saving time and human resources in the process.
The CONVIVO device is powered by OptiScan’s miniaturised point scanning confocal technology.
With the final payment milestone achieved, CZM can now begin the commercial rollout in earnest, while OptiScan can continue research and development (R&D) into enhancements of the CONVIVO tech.
Where to now?
The payment of the final tranche of the agreement has OptiScan in a strong position to continue its refinement of R&D for the CONVIVO tech.
OptiScan had previously advised it expected to receive $900,000 from CZM between March 1 and April 30. Following receipt of the final payment, Optiscan has now received approximately $1.04 million since the start of March – a handy buffer going forward.
What’s more, that figure does not include $149,000 expected to be received in early May from the financing of its third quarter R&D tax credit.
Once the product is fully commercialised, the longstanding partnership will likely prove to be even more fruitful for OptiScan.
OptiScan Imaging closed grey on Monday at 3.8 cents per share.
