Monash IVF, one of Australia’s largest and most successful providers of assisted reproductive services, has taken an equity stake in junior bio-separations company Memphasys (ASX: MEM).
The pair have been collaborating since early 2018 to commercialise Memphasys’s Felix device – a unique technology for separating the most viable sperm in a semen sample for use in the IVF procedure.
Work to date has focused on leveraging Monash IVF’s expertise in design and operation, with critical feedback being provided to Memphasys on a prototype of the Felix device.
In lieu of consulting fees, Monash IVF has accepted four million Memphasys shares, at an issue price of 2c per share.
Commenting on the equity interest from a major IVF player, Memphasys Executive Chairman, Alison Coutts, said:
The Felix device, which has been developed with the assistance of world-renowned fertility expert Professor John Aitken has benefitted considerably from the team at Monash IVF who are highly experienced at commercialising innovative in-vitro fertilisation technologies.
“The Collaborative Agreement has also allowed us to fast-track development as the Company meets its milestones and progresses commercialisation, most notably through the imminent testing of the Felix device through our network of international Key Opinion Leaders.
“Having Monash IVF aligned to our success is of benefit to all shareholders.” she said.
Memphasys is gaining traction as it builds towards commercialising the device, with international trials from major names in the reproductive medicine and andrology industry.
The company is also well funded to progress its activities, recently closing a fully-underwritten rights issue to raise $3.6 million.