Vitrafy Life Sciences Limited (ASX: VFY) — Turning Cryopreservation Innovation into Market Reality - Animal and Human Health Solutions.
- Noel Ong
- Jun 25
- 8 min read
Updated: Jun 25
Announcements:
From Prospectus to Progress: 🆕 IPO Review
Vitrafy Life Sciences Limited (ASX: VFY) is a Melbourne-based life sciences company offering a fully integrated cryopreservation solution via its proprietary hardware and cloud-based software platform, LifeChain™. Vitrafy was admitted to the ASX on 6 November 2024. Vitrafy has progressed in translating its IPO capital into tangible milestones in both technological development and early commercial traction.
With its smart cryopreservation technologies targeting animal and human health applications, the company’s initial months as a listed entity have demonstrated active deployment of funds, progressing trials with reputable collaborators, and expansion into strategic international markets.
ASX Code: VFY
Listing Date: 26 November 2024
IPO Offer Price: $1.25
Market Capitalisation at IPO: AID $117.5M
Current Share Price (as at 20th of June 2025): AUD $1.31
Market Capitalisation: AUD $86.19 M (as of June 2025)
Industry Group: Pharmaceuticals, Biotechnology & Life Sciences
What Has Vitrafy Done Since Listing - A Cryopreservation Journey
The March 2025 quarter (Q3 FY25) marked significant progress across the company’s three main verticals: Animal Health, Human Health, and Product Development.
1.0 Animal Health – Aquaculture
Vitrafy deepened its engagement with Huon Aquaculture, delivering strong outcomes in a commercial trial comparing cryopreserved and fresh salmon milt. Fertilisation rates from Vitrafy’s cryopreserved product were comparable to fresh (72% vs 75%) and significantly better than the competitor’s cryopreserved sample (45%). This successful trial has resulted in an increased cryopreservation cycle planned for May 2025 (750 packs vs 500 in 2024), and discussions are underway for a new pilot with another salmon producer.
Figure 1: Vitrafy’s cryopreservation solution - Vitrafy Cryopreserved Salmon Milt (source: VFY)
2.0 Animal Health – Bovine:
"Bovine" refers to animals that are part of the subfamily Bovinae, which includes cattle (cows, bulls, oxen), buffalo, and bison. It can also refer to anything related to or resembling these animals, sometimes used to describe a slow, dull, or stolid temperament. - Wikipedia
Vitrafy finalised plans with U.S.-based Select Sires Inc. to commence an on-site trial at their Ohio facility (Figure 2). This follows a successful first-phase trial, which benchmarked favourably. Results and next steps under this collaboration are expected in Q4 FY25.
Figure 2: Vitrafy’s cryopreservation solution - Collaboration with Select Sires, Inc (source: VFY)
3.0 Human Health
Vitrafy’s progress in the human health space continues to gain momentum, with major advancements across both blood platelet preservation and cell and gene therapy applications (Figure 2). These developments are not just technical milestones—they reflect real-world validation of Vitrafy’s cryopreservation technology in settings where precision, reliability, and viability are critical.
Figure 2: Vitrafy’s Human Health progress (source: VFY)
3.1 Blood Platelet Study - USAISR Partnership:
A major milestone was reached with the completion of Phase 1 of the collaborative study with the US Army Institute of Surgical Research (USAISR). Vitrafy’s cryopreservation technology demonstrated:
88% post-thaw platelet recovery
Functional activity exceeding regulatory and industry standards
Validation in commercial unit sizes at a U.S. military base
Vitrafy has completed a two-phase, third-party lab testing study with a leading national blood service provider with the aim of improving the quality and recovery rates of cryopreserved blood platelets.
Kristin Cardenas, PhD, Research Scientist, Blood and Shock Resuscitation, USAISR, commented:
“These results suggest that Vitrafy’s cryopreserved platelets may extend storage duration to years with minimal cellular damage, significantly improving blood supply and logistics to allow for greater patient access to lifesaving transfusion therapies.”
The success of this trial unlocks the pathway for Phase 2 and commercialisation discussions. The collaboration has garnered attention from military and civilian trauma sectors and reflects potential for expanded use cases.
3.2 Cell & Gene Therapy (CGT):
Vitrafy is actively engaging with partners in Australia and North America to validate its platform in CGT settings, an emerging frontier where precision and biological preservation are paramount (Figure 3).
Figure 3: Vitrafy cryopreserved T-Cells are comparable to fresh(source: VFY)
4.0 Product Development – VCU2 and LifeChain™:
4.1 VCU2
Co-developed with HealthTech & Planet Innovation, the VCU2 (Cryopreservation Unit 2.0) remains on schedule for its commercial debut in H2 CY2025.
VCU2 will retain all core functionality and principles of VCU1, whilst improving core areas that enable a more portable, flexible, automated and profitable device.
Usability best practice through automation
Increased reliability through refrigeration system optimisation
Designed to manufacture at scale
Multi-jurisdictional power compatibility
Improved footprint, weight and landscape orientation
Simple user interface sample scanning
Lower cost of manufacturing
Figure 4: VCU2 (source: VFY)
4.2 LifeChain™
LifeChain™ is an advanced software platform that uses AI, machine learning, and IoMT integration to deliver full traceability and control across the cryopreservation supply chain, ensuring safe, secure, and high-quality handling of valuable biomaterials.
Figure 5: LifeChain™ (source: VFY)
5.0 Operational Expansion
United States Market Buildout:
The appointment of Dr. Brad Neal-Taylor as U.S. Vice President of Business Development marks the formal start of Vitrafy’s U.S. operations. His experience in cellular therapies positions Vitrafy well for traction in the North American health sector.
6.0 Use of IPO Funds – Summary (Actual vs Budget)
As of 31 March 2025, Vitrafy Life Sciences has deployed approximately A$8.2 million of the A$41.4 million raised at IPO, maintaining a strong balance of A$33.2 million to support its commercialisation roadmap.
Spending has been aligned with the intended allocation outlined in the prospectus. In market development, A$1.24 million has been spent against a budget of A$10.9 million, primarily supporting North American expansion and early business development efforts. Technology development, encompassing the VCU2 device and LifeChain™ software, has seen A$2.05 million of the A$14.3 million allocation utilised.
Capital expenditure, including intellectual property protection and equipment, accounted for A$138,000 of the A$1.2 million budget. Working capital usage stood at A$1.53 million from the A$11.6 million provisioned, while costs related to the IPO offer itself totalled A$3.25 million of the A$3.4 million budget.
Overall, the company’s capital deployment reflects a disciplined and focused approach, with funding strategically directed toward advancing development and preparing for market entry.
7.0 Where is the Share Price Now?
Since debuting on the ASX in late November 2024, Vitrafy Life Sciences has traded in a dynamic range reflecting investor interest in its early-stage commercial milestones. The stock reached a high of ~$1.85 in early May 2025 following news of key validation outcomes, before consolidating to a current price of $1.39 (Figure 6).
Figure 6: VFY Share price as of 17 June 2025 (source: ASX)
As of the latest trade, VFY closed down slightly by 0.76% on modest volume (17,322 shares).
This pricing trend continues to reflect the market’s early appraisal of Vitrafy’s technology execution and strategic positioning within the global biotech landscape.
Brent Owens, Vitrafy’s Deputy CEO and Co-founder, commented:
“We’re incredibly proud of the success of the independent Phase 1 study by USAISR. This marks a significant milestone for the company and a leap forward for the availability of Vitrafy's quality cryopreserved platelets. By deploying Vitrafy’s technology directly on a working US Army research base, it has independently validated its real-world performance in relevant environments—with strong direct indications of the disruptive nature of our technology and its ability to revolutionise platelet use across both military and civilian settings, preserving life.”
Kate Munnings, Vitrafy’s CEO
“These results are another important validation of the disruptive nature of Vitrafy’s cryopreservation technology. It has the potential to change industries and significantly improve healthcare treatments.”
Samso Concluding Comments
From its IPO in November 2024 to its Q3 FY25 reporting in April 2025, Vitrafy Life Sciences is a business that does not come into the common discussion on criticality of importance from an investor. The progress with USAISR in particular stands out as a milestone with commercial gravity. Success in the platelet study not only validates their hardware and protocols but also paves the way for a broader impact in emergency trauma care, a critical unmet need in both military and civilian settings.
Importantly, the business appears to be well-funded with ~AUD $34 million in liquidity and a capital allocation strategy firmly aligned with its core growth drivers. The company has moved quickly to expand its U.S. presence and scale product readiness, keeping to its roadmap and timelines. Early commercial traction in aquaculture and forward motion in bovine and CGT verticals indicate that the Vitrafy story is actively developing in all the right areas.
As investors consider exposure to emerging health-tech, Vitrafy may present a rare proposition: a science-backed platform with multi-sector application, clinical validation in hand, and a leadership team focused on translation, not just innovation.
The Samso Way - Seek the Research
With the backing of a $4.8 million Industry Growth Program Grant, Vitrafy’s development of the VCU2 cryopreservation unit—co-developed with Planet Innovation—is moving steadily toward a H2 CY2025 commercial launch. In parallel, the LifeChain™ platform is undergoing key regulatory and algorithmic upgrades. This kind of structured progress, underpinned by external validation, reflects a business that’s doing more than building tech—it’s building trust in the science. For those who follow innovation with impact, this is another reason to seek the research.
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