Vitrolife acquires artificial intelligence technology for embryo assessment
Vitrolife has acquired rights to a technology for assessing embryos based on time-lapse videos using artificial intelligence (“AI”) and entered into collaboration agreements to further develop the technology.
Vitrolife has entered into transfer and collaboration agreements regarding a technology for assessing embryos with Virtus Health, a leading IVF clinic group based in Australia and Harrison.AI, a technology company specialising in the development of AI software in healthcare applications based in Australia. Using time-lapse videos during in vitro fertilisation (IVF), and before embryo transfer, the technology can predict the likelihood of an embryo to lead to a viable pregnancy. The AI technology will support elective single embryo transfer and is anticipated to shorten the time to pregnancy by helping Fertility & IVF practitioners to rank the most viable embryos for selection and transfer.
The agreements comprise two main components:
• Transfer of intellectual property and patent applications relating to the technology from the current owners responsible for the development, Virtus Health and Harrison.AI, and
• Collaboration agreements between the parties for an initial period of three years to ensure further development of the technology in the time-lapse incubator application.
Vitrolife is the market leader of time-lapse systems for use in assisted reproduction, providing undisturbed culture and improved selection of embryos. “We are delighted to announce the collaboration with Virtus Health and Harrison.AI to develop and market a state-of-the-art AI technology for the EmbryoScope time-lapse systems”, says Thomas Axelsson, CEO of Vitrolife.
The initial purchase price related to the transfer amounted to USD 6 million. The purchase price was paid in cash and was financed by available cash balances. In addition to the initial purchase price, additional purchase price of USD 2 million may be paid in relation to product development targets. The transaction is expected to impact EBITDA per share marginally negatively during 2019 and positively as from 2020, when the technology is expected to be commercially launched.
April 10, 2019
VITROLIFE AB (publ)
Thomas Axelsson, CEO
Queries should be addressed to:
Thomas Axelsson, CEO, tel 46 31 721 80 01
Mikael Engblom, CFO, tel 46 31 721 80 14
This information is information that Vitrolife AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 8.30 am CET on April 10, 2019.
This is a translation of the Swedish version of the press release. When in doubt, the Swedish wording prevails.
Vitrolife is an international medical device Group. Vitrolife develops, produces and markets medical devices for assisted reproduction.
Vitrolife has approximately 390 employees and the company's products are sold in about 110 markets. The company is headquartered in Gothenburg, Sweden, and there are also offices in Australia, Belgium, China, Denmark, France, Germany, Italy, Japan, United Kingdom and USA. The Vitrolife share is listed on NASDAQ Stockholm.
Vitrolife AB (publ), Box 9080, SE-400 92 Göteborg, Sweden. Corporate identity number 556354-3452. Tel: 46 31 721 80 00. Fax: 46 31 721 80 99. E-mail: email@example.com. Website: www.vitrolife.com/