Vitrafy Life Sciences rallies after inking agreement with IMV Technologies
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The news: Cryopreservation developer Vitrafy Life Sciences rallied after entering into a 12-month exclusive agreement with French animal reproduction firm IMV Technologies.
Shares rose 15.65% to $1.51 per share at 11:09am AEDT.
The context: The 12-month collaboration agreement aims to develop new scientific innovation in reproductive cryopreservation across farm animals and aquaculture. During the term, Vitrafy and IMV will complete validation and in-field commercial runs of Vitrafy's cryopreservation technology.
Vitrafy said it will be paid a monthly fee of up to $480,000 for the 12-month term of the agreement. Both parties have the option to extend the agreement for a further six months, which would include an extension and an increase in the monthly fee.
If the program is deemed successful, Vitrafy expects a long-term commercial agreement with IMV to be executed to further accelerate its cryopreservation services in the farm animal market. The company also plans to focus on expansion efforts in the human health market in North America.
What they said: "This agreement creates immediate revenue opportunities but also positions Vitrafy for long-term growth through global market access, while we continue to advance our human health strategy in North America," Vitrafy chief executive Brent Owens said.
The source: ASX
