Scope Fluidics has selected its inaugural project under the Scope Discovery initiative for development within a Special Purpose Vehicle. The DSC001 project focuses on developing products that aid in the prevention and ongoing diagnosis of individuals at risk of stroke. Scope Fluidics S.A. (WSE: SCP) is a life sciences company listed on the Warsaw Stock Exchange’s sWIG80 index. The company executed the largest transaction in Polish life science market history in 2022.
“We are extremely satisfied with the progress within Scope Discovery. Over the past year, the initiative has built a dynamic team that has crafted processes for creating, testing, and optimizing product concepts, as well as evaluating the feasibility of planned R&D activities. Having trialed this framework on multiple projects, we are delighted to have accepted the first project for development under a dedicated SPV. The DSC001 project has passed a rigorous verification process. Our analyses in business, usability, scientific, technical, and patent domains confirm our decision to develop DSC001 within a dedicated SPV. With this project, we aim to address a genuine and critical healthcare need that on the one hand fits seamlessly within the strategic framework of Scope Fluidics, while on the other it allows us to expand our market scope,” stated Professor Piotr Garstecki, President, Co-founder, and a major shareholder of Scope Fluidics.
One of the strategic objectives announced by Scope Fluidics S.A. in February 2023 is to have at least five new projects in its portfolio by the end of 2025, including at least two as special purpose vehicles (SPVs). Today, seeing the real possibility of developing innovative technology in medical diagnostics that supports the treatment of patients at risk of stroke, Scope Fluidics is taking an important step in this direction.
“Immediate response is crucial in the event of a stroke. We believe that by enabling earlier detection of strokes, we can significantly reduce their consequences. We hope that our solution will provide both individuals at risk and their loved ones with a sense of security and peace of mind. At Scope Fluidics, we have always been committed to helping people and making the world a better place. Project DSC001 perfectly aligns with our mission,” says Marcin Izydorzak, Vice President, Co-founder, and a major shareholder of Scope Fluidics.
The registration of the new entity as a limited liability company is expected to be completed by the end of August this year. Following the decision of Scope Fluidics’ Management Board, the primary objective of the Special Purpose Vehicle (SPV) will be to verify the functionality of the technologies identified in the Scope Discovery process. Additionally, a key priority will be the efficient management and securing of the intellectual property rights portfolio for the new product.
“Scope Fluidics not only possesses extensive technological expertise, know-how, and a highly regarded team of experts, but also substantial business experience in the development and financing of groundbreaking projects. We plan to finance the first year of the new company’s operations with our own funds. The budget for the first twelve months is estimated at approximately PLN 4 million. Additionally, the currently estimated budget for Project DSC001 corresponds to the expenditures previously allocated by Scope Fluidics to projects developed within special purpose vehicles, such as PCR|ONE and BACTEROMIC,” states Szymon Ruta, Vice President and CFO of Scope Fluidics.
According to preliminary projections, the product developed by the newly established special purpose vehicle (SPV), designed to assist in the identification and treatment of individuals at risk of stroke, will consist of a device and integrated software that utilizes artificial intelligence algorithms. The primary end-users are expected to be individuals at an elevated risk of stroke, but at this stage, the company is also considering other scenarios. The project has undergone rigorous evaluation by the Scope Discovery specialists, a key department within Scope Fluidics responsible for selecting and analyzing new projects. The team has identified methods that, once technologically adapted, could potentially be implemented in the product. The analysis encompassed scientific, technical, and patent literature, as well as consultations with industry experts.
According to the Management Board of Scope Fluidics, based on the analyses conducted, the estimated development time for the product from the establishment of the special purpose vehicle (SPV) until the start of the certification process is anticipated to be five years. The schedule will be verified as work progresses. Scope Fluidics also emphasizes that the project is at an early stage of development and that, due to the nature of research and development activities, it is difficult to precisely plan in the long term. At this stage, the company cannot rule out the possibility that, should adverse research results or changes in the competitive environment occur, it may be necessary to suspend or terminate the project without commercialization.
