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A Ballarat-founded biotech led by former Virtus Health CEO Kate Munnings has successfully completed a $35 million initial public offering (IPO) on the Australian Securities Exchange, as Vitrafy Life Sciences (ASX: VFY) looks to commercialise its cryopreservation technology.
Headquartered in Melbourne but still with lab operations in Ballarat where it was founded in 2017, Vitrafy debuted on the ASX today and closed trading with its shares up 7.6 per cent at $1.98, signifying a market capitalisation of $126.4 million.
Vitrafy’s proprietary cryopreservation technology includes the VCU1 Smart Freezing Device and LifeChain software platform, which help improve cell survival, materially reducing processing times and enabling the end-to-end quality management of biological materials.
The freezing device is registered with the US Food and Drug Administration (FDA) for blood and blood product applications, while in FY24 Vitrafy also achieved its first revenues through an agreement in the aquaculture reproduction sector.
"The success of our IPO marks the beginning of an exciting new phase for Vitrafy. With our transformative cryopreservation technology, we are poised to improve healthcare treatments globally, preserving life," says Munnings, who joined the board in October this year.
Munnings also sits on the board at Wesfarmers (ASX: WES), and previously led Australia-based global in-vitro fertilisation (IVF) provider Virtus Health through its 2022 buyout from BGH Capital.
Vitrafy co-founder and deputy CEO Brent Owens highlights the company's competitive advantage.
"Our commitment to quality and efficiency, ensures Vitrafy’s cryopreservation technology outperforms industry standards. By improving outcomes for our customers, as well as improving efficiency and reducing costs, we are uniquely positioned to lead in this dynamic and expanding market," he says.
Proceeds from the raise will go towards the company's commercialisation strategy, technology development, market expansion, and the enhancement of intellectual property protection, as well as some $3.4 million in costs associated with the offer.
Vitrafy’s commercialisation strategy focuses on forging strategic partnerships and accelerating adoption through validated applications initially in animal health, blood platelets, and human cell and gene therapy. However, the applications for Vitray’s cryopreservation technology are broad and includes all blood and tissue products, consumables, assisted reproduction and biological research and development.
The group currently has collaborations with organisations such as the US Army Institute of Surgical Research (USAISR), which linked up with Vitrafy after an independent study conducted by Australian Red Cross LifeBlood demonstrated that preserving platelets using Vitrafy's cryopreservation technology resulted in 97.5 per cent cell survival against an industry regulatory standard of 50 per cent.
Vitrafy aim’s to address the blood shortages that remain a global challenge.
"Vitrafy’s listing on the ASX represents a significant vote of confidence in our vision, team, and technology," says Owens.
"We are excited to build on this momentum, delivering groundbreaking solutions to global challenges in healthcare and beyond."
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