29 June 2021 at 9:40 a.m. (Finnish Time)
Nightingale Health Plc (“Nightingale”), and Weavr Health Corp. (“Weavr”, formerly Boston MicroFluidics, Inc.) have established a strategic partnership by expanding the existing distribution agreement between the parties with new commercial terms. The new commercial terms are effective as of today. Nightingale today also closed a minority investment to Weavr. Weavr is the manufacturer of the Velvet™ device, which Nightingale uses in its at-home pilot launched in the second quarter of 2021. The agreed strategic partnership enables global scalability of Nightingale’s at-home testing solution and Nightingale will launch its commercial at-home testing offering directly to consumers and also to business partners in the first half of 2022.
Nightingale’s long-term strategy is to make preventative health services based on its proprietary blood testing technology available to consumers globally. High quality at-home blood collection capability is a strategic component in enabling global delivery of Nightingale’s services both in direct-to-consumer and business partnerships. Therefore this strong partnership and investment into one of the world’s leading blood collection device manufacturers is a significant strategic milestone.
With the new commercial terms agreed as part of the strategic partnership, including pricing, global availability, development, production capacity and delivery schedules for the Velvet™ at-home blood collection device, Nightingale is now in a position to significantly accelerate the commercial ramp-up of its at-home blood testing solution. The long-term commercial impact of the accelerated ramp-up is expected to be significant as with the help of Velvet™ device Nightingale can deliver the advantages of Nightingale’s blood testing technology at peoples’ homes without visiting a laboratory. With the agreement, Nightingale has also secured the long-term availability of Weavr’s technology with rights to use Weavr’s intellectual properties.
As a part of the strategic partnership and renewed commercial terms, Nightingale invested approximately 3.5 million euros (4 million U.S. dollars) to Weavr in the form of a convertible loan. The convertible loan shall be converted into Weavr’s preferred shares in connection to a Series C financing round with a discount rate. In the event of a trade sale of Weavr, the convertible loan shall be repaid with a premium in the range of 50 – 100 %.
The Velvet™ blood collection device is designed so that anyone, anywhere can easily collect high quality blood samples. The Velvet™ device consistently collects a metered 180 μL of whole blood and separates the sample into its red blood cells and plasma components. Samples remain stable for up to 28 days at room temperature allowing flexible logistics and internationally scalable advanced health and wellbeing solution when integrated with Nightingale’s blood testing technology.
Linh Hoang, CEO of Weavr:
“Bringing Nightingale’s groundbreaking blood testing technology to the homes of people with Weavr’s transformative Velvet™ device is a truly unique global offering and we are delighted to already see positive traction from the on-going pilot in Finland. Our global mission is to expand access to blood testing to improve healthcare outcomes, and we are excited to continue to work with Nightingale as part of a long-term partnership that can help us deliver on that mission.”
Teemu Suna, CEO and Co-founder of Nightingale:
“Our strategic partnership with Weavr allows us to address the rapidly accelerating global megatrend of preventative and consumer driven health in direct-to-consumer and business-to-business markets. The advancements of Nightingale’s technology combined with the Velvet™ device will take at-home blood testing to a new era. No other technology in the market can provide similar level of holistic health insights from a simple blood sample drawn at home”.
For further information, please contact:
Teemu Suna, CEO
Oaklins Merasco Ltd, tel. +358 9 6129 670
Nightingale Health is a health technology company transforming preventive care. We envisage a world that focuses on keeping people healthy rather than just treating illnesses. By combining our pioneering blood-testing technology and the ability to detect future disease risks, we are creating a world-leading health data platform that enables preventative care with better information. The platform helps people make better personal health decisions and connects the health industry to offer their services for individuals’ preventative needs. By empowering the world with comprehensive health insights, we accelerate scientific discoveries, industry developments and improve personal health for everyone.
Weavr develops easy-to-use and reliable biofluid collection devices and its own tests to simplify and improve access to diagnostic testing globally. Its mission is to bring world-class diagnostic testing to more people, and more frequently, enabling them and their healthcare providers to improve healthcare outcomes while helping to lower the cost of care.