Company releases Jan 31, 2023
Inside information: Nightingale Health acquires worldwide license for blood self-collection device Velvet™
Company release, 31 January 2023 at 4:05 p.m. (EET)
Nightingale Health Plc, a technology company promoting preventative health with its proprietary disease risk detection platform, has acquired a worldwide license and rights to blood self-collection device Velvet™ from Weavr Health Corp (“Weavr”).
The acquired license gives Nightingale Health the rights to independently manufacture the Velvet™ devices and commercially use the devices in connection with Nightingale Health’s services. Nightingale Health will use the Velvet™ device in its preventative health and wellbeing services, and currently the device is already being used in the Livit by Nightingale Health™ service allowing the customer to use the device to collect a blood sample anywhere, for example at home, without a need to visit a laboratory.
Prior to acquiring the license Nightingale Health purchased Velvet™ devices from Weavr based on a distribution agreement. Since the license provides Nightingale Health the rights to independently organize the manufacturing of the device, the distribution agreement was terminated as part of the transaction.
Under the terms of the transaction, Nightingale Health will receive perpetual, non-exclusive right and license to manufacture or have manufactured Velvet™, including the right to provide, modify and otherwise practice and commercially use all related intellectual property rights. In consideration of the royalty free license, Nightingale Health gave up its rights based on the convertible loan (original investment of approximately 3.5 million euros).
High quality blood self-collection capability is a strategic component in enabling global delivery of Nightingale Health’s services both in direct-to-consumer and business-to-business markets. With the help of the Velvet™ device Nightingale Health can deliver the advantages of Nightingale Health’s services without a need to visit a laboratory. The right to independently organize the manufacturing of the Velvet™ device will streamline the supply-chain and integrate the device more tightly as a part of Nightingale Health’s end-to-end solutions that provide unique health and wellbeing insights to its customers.
Having the rights to independently organize manufacturing and further develop a strategic component in-house enables Nightingale Health to offer strong end-to-end solutions to its customers worldwide supporting Nightingale Health’s business growth. Moreover, increased control over the key asset combined with financial benefits that come with eliminating the purchase fees, are expected to further strengthen Nightingale Health’s commercial competitive advantage. Also, the right to further develop the Velvet™ device will bring new possibilities in ensuring that the blood collection device supports Nightingale Health’s services and products in the most optimal way.
“Our capabilities in preventative health are globally unique and our strategy is to offer true end-to-end solutions to our customers. Our solutions include world-leading in-house assets ranging from proprietary biotechnology and multi-disease risk detection algorithms to consumer applications allowing us to bundle unprecedented value for our customers seeking solutions in preventative health and wellbeing. Having the Velvet™ device as a part of our in-house capability makes our services more accessible and enables better integration, allowing even stronger value for our customers in building a healthier world,” says Teemu Suna, CEO and one of the Founders of Nightingale Health.
For further information, please contact:
Teemu Suna, CEO
Oaklins Merasco Ltd, tel. +358 9 6129 670
About Nightingale Health
Nightingale Health is The Preventative Health Company. Staying healthy is one of the top priorities in human life. Our health has a profound impact on our quality of life, and it’s also strongly connected to the lives of those close to us. Nightingale Health enables prevention by combining the power of our in-house developed, advanced blood analysis technology with unprecedented access to global health repositories and world-leading medical research. With this combination, we go beyond the traditional healthcare and wellbeing tools: We provide the scientific connection to multiple health and disease outcomes and the ability to predict future healthy years.