Inify Laboratories: Establishment in the United Kingdom and expansion into gastrointestinal diagnostics
STOCKHOLM - October 23, 2024 - Inify Laboratories, a unique laboratory service that provides cancer diagnostics within pathology, has after extensive market mapping decided to establish operations in the United Kingdom (UK).
“After our successful launch in Sweden, where we now have around 80% of the Stockholm market share, the time is right to expand. The UK market is estimated to be six times larger than Sweden’s in terms of patient volume, with approximately 120,000 patients annually who require diagnosis,” says CEO Fredrik Palm in Inify Laboratories.
The company has initiated a funding process through a share issue of approximately SEK 150 million to finance the expansion plans and strengthen the working capital.
Establishment in the UK
Long and unpredictable response times and varying quality in prostate cancer care are major challenges in UK healthcare. The estimated timeframe from the start of construction to a complete laboratory is 12 months, which means that new operations could start in early 2026.
“The team has already started searching for suitable premises. We intend to build a facility capable of handling approximately 100,000 patient cases annually at full capacity,” says Palm.
At first, samples from the UK will be handled by the company’s Swedish laboratory during the establishment phase. Limited revenues from the UK are therefore expected as early as 2025, with significant growth to be expected after the opening of the new laboratory.
Gastrointestinal diagnostics
In line with the company’s strategic plan, Inify will also move into the market for diagnostics within the gastrointestinal tract. Just like with prostate cancer, diagnostics in the gastrointestinal field present challenges in terms of response times and varying quality. The volume of samples is about 10 times larger than that of prostate, and the range of medical conditions is wider, resulting in a significant workload for pathology laboratories. Inify’s system is developed to accommodate additional diagnoses, and to handle significantly larger volumes than a traditional laboratory.
“This is the reason why an expansion into gastrointestinal diagnostics has been a conceivable part of our strategy from the very start,” says Palm.
Third quarter in brief
Sales for the third quarter amounted to SEK 2.8 million, a 22% decrease compared to the previous quarter. Sales for January–September amounted to SEK 8.6 million, with a cash balance of SEK 34.7 million at the end of the period.
“This decline compared to the previous quarter is in line with our expectations and is related to significantly fewer patient samples during the July and August vacation period,” says Palm.
“We now handle about 10% of all prostate cancer diagnostics in Sweden. We are very proud to have achieved this market share in less than a year after our accreditation as a medical laboratory,” says Palm.
For further information, please contact CEO, Fredrik Palm, fredrik.palm@inify.com, or visit https://www.inify.com
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The future of pathology
Inify Laboratories provides cancer diagnostics through ultramodern laboratory services within pathology. It uses a fully digital, standardized and AI-supported workflow to optimize quality and response times, initially within prostate. The concept is scalable and can be extended to other diagnoses.
The service includes the whole chain of sample handling: from logistics, to sample preparation, to reporting by a pathologist. The report is assisted by our own AI, proven in clinical studies to have world-leading accuracy. The complete workflow is supported by a tailor-made process control system.
The company, based in Sweden, became independent in 2022 through a spin-off from ContextVision, with 40 years of experience within digital imaging for medical applications. It is listed on Euronext Growth Oslo under the ticker INIFY.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Ann-Charlotte Linderoth, Inify Laboratories AB on the time and date provided.