Concepta to launch 'repositioned' myLotus product
Personalised healthcare device company Concepta updated the marker on its readiness for a wider commercial roll-out of the ‘myLotus’ home-use fertility tracking and pregnancy self-testing system on Tuesday.
The AIM-traded firm said that, following the board changes announced in October and November, it had made “substantial improvements” to its operational structure to position the business for the commercial success of myLotus.
Significant cost savings had been achieved, the board reported, and manufacturing had been successfully outsourced, allowing its funds to be deployed towards digital marketing and commercial sales efforts.
Concepta noted that it had also secured funds, via a recent placing which raised a gross sum of £1.9m, to support increased commercial activities as it worked to increase consumer awareness of its flagship product.
Since the announcement of the first myLotus birth in October, Concepta said it had the chance to share in the stories of more than 26 women who had used myLotus to successfully conceive and give birth, and had shared their news with Concepta.
While it was still in the early stages of a commercial roll-out, it was building on listings with Boots online and with Amazon.
A “repositioned” myLotus would emerge from June, the firm said, along with a “fully optimised” digital campaign, which would be followed by a new app which was expected to be available for those using myLotus in the fourth quarter.
Concepta also announced an exclusive global licence with Abingdon Health for the use of its ‘App Dx’ intellectual property for human pregnancy and fertility.
It explained that App Dx uses software to allow a smartphone to be used as a lateral flow reader, meaning Concepta customers could access rapid test results, further information and connectivity with supporting services at home.
Feasibility work on the new product had started and, subject to a successful development, it was expected to be “launch-ready” in 2021.
“We have been working hard on the marketing effort for myLotus this year so that we are ready to optimise our reach and connect directly with our target end users,” said chief executive officer Penny McCormick.
“Our team has been strengthened with the appointment of key marketing, digital and customer care roles, and we are gearing up for a rollout in the second half of 2020.
“As awareness of our brand builds, we look forward to seeing more pregnancies and births ahead, and most importantly, more women engaging with their conception health, and a new emotionally intelligent educational approach.”
At 1050 BST, shares in Concepta were up 6.67% at 1.44p.