STOCKHOLM, Sweden, Oct. 20, 2004 (PRIMEZONE) -- Vitrolife has signed a research agreement with Dr. Peter Svalander, the founder and former CEO of the company, regarding product development within the area of fertility, especially the further development of techniques for the rapid freezing (vitrification) of human embryos. "There is a great need for improved opportunities for the freezing and thawing of eggs and embryos in connection with in-vitro fertilization, as this can reduce the need for repeated hormone treatment," says Magnus Nilsson, Vitrolife's CEO.
In line with Vitrolife's strategy of developing its product portfolio for current customer categories, the company has signed a research agreement with Dr. Peter Svalander, who has a background as a prominent researcher within the area of fertility. The agreement is for 1 year, with the possibility of an extension, and amounts to SEK 2 million, whereby Vitrolife pays the cost of the research and obtains the rights to the results.
Vitrification is an almost immediate process (freezing speed of approximately 2000*C/second), which gives significantly better cell survival by avoiding the harmful formation of ice crystals and which is also more manageable than current freezing techniques. Dr. Svalander will work on the further development of a product for vitrification within the area of fertility. Vitrolife has a patent in the USA concerning the vitrification of eggs and embryos in combination with a small loop (the so-called Vitroloop(TM)) which minimizes the amount of fluid and thereby speeds up freezing.
"There is a great need for increasing the survival rate of frozen eggs and embryos in in-vitro fertilization," says Magnus Nilsson, Vitrolife's CEO. "As the trend is moving in the direction of fewer and fewer embryos being transferred to the woman in each attempt at treatment, the techniques for getting eggs and embryos to survive after cold storage are becoming increasingly important. This means that products for vitrification are estimated to have great growth potential during the years to come."
Magnus Nilsson CEO
Questions should be addressed to: Magnus Nilsson, CEO, phone +46 31 721 80 00 or +46 708 22 80 61. Anna Ahlberg, CFO and responsible for IR, phone +46 31 721 80 13 or +46 708 22 80 13.
Vitrolife is a global biotechnology/medical device Group that works withdeveloping, manufacturing and selling advanced products and systems forthe preparation, cultivation and storage of human cells, tissue andorgans. The company has business activities within three product areas:Fertility, Transplantation and Cell therapy. The Fertility product areaworks with nutrient solutions (media) for the treatment of humaninfertility. The Transplantation product area works with solutions andsystems to maintain organs in optimal condition outside the body for therequired time while waiting for transplantation. The Cell therapyproduct area works with media to enable the use of stem cells fortherapeutic purposes.
Vitrolife today has over 70 employees and the company's products are sold in more than 80 markets. The head office is in Kungsbacka, Sweden, and there is a subsidiary in Denver, USA. The Vitrolife share is listed on the O-list of the Stockholm Stock Exchange.
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2004/10/20/20041020BIT21520/wkr0001.pdf