A-League rocked by betting scandal as Western United and state player charged over yellow card manipulation
A Western United player is among two footballers charged over the alleged manipulation yellow cards for betting purposes during several games this season.
On Sunday, Victoria police charged two Melbourne men, aged 24 and 27, for numerous offences including the use of corrupt conduct for gambling purposes in four A-League matches during April and May.
While the individuals are yet to be named, it is understood one of the men charged is a current player at Western United, while the other is a player in the state league.
And on Sunday, the Australian Professional Leagues – the body in charge of the A-League competitions, confirmed a player had been charged.
'The Australian Professional League is aware that one A-League player has been charged by Victorian Police with offences related to gambling,' a spokesperson said.
'The integrity of our sport is something that has to be protected without compromise, and we are engaging with all relevant authorities to assist with this matter.'
Both men were placed under no-fault interim suspensions by Football Australia following the charges.
'The club is aware that one Western United men's player has been charged about an alleged breach of sports betting guidelines,' the club said in a statement.
'We take this matter seriously, condemn any actions that compromise the integrity of the game, and are co-operating fully with all relevant authorities. Given the nature of the investigation, we are unable to comment any further on the matter.'
Police executed warrants on Friday morning after an investigation involving Football Australia and the Sporting Integrity Intelligence Unit.
The man from West Melbourne was charged with 10 offences including four counts of engaging in conduct that corrupts or would corrupt a betting outcome, four counts of facilitating conduct that corrupts or would corrupt a betting outcome, use of information derived from corrupt conduct for betting purposes, and attempting to commit an indictable offence.
The man from Kingsville was charged with 16 offences, including 11 counts of using information for betting purposes, four counts facilitating conduct that corrupts or would corrupt a betting outcome, and attempting to commit an indictable offence.
They were bailed to appear at Melbourne Magistrates' Court on July 31.
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ABC News
36 minutes ago
- ABC News
Health practitioner regulator gets tough on cosmetic injectable industry to protect patient safety
The Australian health practitioner regulator has introduced sweeping new guidelines for dentists and nurses performing non-surgical cosmetic injectable procedures, in a bid to better protect the public from players putting profits ahead of patient safety. The new rules released by the Australian Health Practitioner Regulation Agency (AHPRA) today mandate further education and training before healthcare practitioners can perform cosmetic procedures like botox and filler injections. They also introduce minimum periods of experience required for nurses wanting to work with injectables. Nurses and dentists have been operating in the billion dollar cosmetic injectable industry for years without being required to undertake any formal additional education or training, before injecting patients with neurotoxins like botox. While many have become highly skilled at the practice, there's concern clearer rules are needed for those wanting to enter the industry to ensure they have enough training. Under the changes, advertisements will be required to include the details of the registered practitioner performing the procedures. Testimonials from social media influencers will be banned, along with targeted advertising of cosmetic procedures to minors. AHPRA CEO Justin Untersteiner said not all cosmetic injectors would be happy with the tighter rules and expected some would choose to leave the industry under the changes. "There will be others who have to modify their business models, and modify their practices to meet these guidelines," he said. Nurses and dentists have until September to prepare for the changes and ensure they are compliant with the new guidelines, which align with those already in place for doctors. "[After that] we will be identifying those that are doing the wrong thing and we will take action where we need to," he said. There's been a recent spate of cases of non-registered practitioners and clinics using off-brand or out-of-date dermal fillers and botox on patients leading to multiple hospitalisations after patients became ill with botulism. The NSW Health Care Complaints Commission (HCCC) warned patients of a Sydney cosmetic clinic to be tested for blood borne viruses after finding evidence that non-registered staff were injecting patients with dermal fillers and botox. The new federal guidelines are the latest salvo from state and federal regulators, who have been cracking down on cosmetic injectable providers, throwing some clinics into chaos as they scramble to ensure they comply with regulations. Many injectable businesses around the country are run by nurses who do the injecting, and often hold supplies of prescription fillers and anti-wrinkle injections like botox on site, and arrange telehealth consults for their patients so doctors can remotely prescribe the products. Recent guidance released in Queensland has made it clear the practice isn't legal unless the nurse is a Nurse Practitioner with prescribing rights and additional qualifications, or there's a doctor on site. State pharmaceutical and poisons regulators in both NSW and Queensland have also been conducting compliance checks on clinics, monitoring the possession and storage of schedule 4 medications like botox and fillers. AHPRA said it was concerned some telehealth practitioners weren't meeting their professional obligations, after media reports revealed patients were sometimes being issued botox scripts in less than a minute. The new guidance from AHPRA reinforced practitioners were responsible for understanding relevant state and federal drugs and poisons laws, and that those who prescribed cosmetic injectables were still responsible for the patients, regardless of whether or not they performed the procedure. The guidelines also mandate written information must be given to the patient, including the health practitioner who prescribed the cosmetic injectable, the practitioner who performed the procedure, details of the products used, what aftercare was needed, and who is responsible for coordinating the patient's care. From September, nurses will be required to complete a set period of 12 months of full-time practice before expanding their scope to include non-surgical cosmetic procedures. The guidelines state further education will be necessary for those practitioners wanting to work with cosmetic injectables. Those practitioners will need training in anatomy and physiology, education in assessing patients for suitability for the procedure, and both theoretical and hands-on training in the specific procedure being offered. While AHPRA CEO Justin Untersteiner said there had always been an obligation for practitioners to ensure they had appropriate skills, the new rules were "really making it crystal clear" about what it expected for those sorts of procedures. "That will likely require specific training around facial anatomy or physiology and I can tell you that is not a weekend course, this is proper training that will be required," Mr Untersteiner said. He said the regulator had heard multiple cases of permanent irreversible facial nerve damage as well as potentially life-threatening strokes from cosmetic injectables. "All registered health practitioners are responsible for ensuring they are sufficiently educated, trained and competent to safely undertake any cosmetic procedure they may perform." Do you have a story to share? Email Nursing and Midwifery Board of Australia chair, Veronica Casey, welcomed the new guidelines and said the safety of the Australian public was paramount. "These types of procedures are undertaken every day and can have serious consequences if not done correctly," she said. The new AHPRA regulations outline that "registered health practitioners must also disclose any financial interests that could be perceived as influencing the advice they provide to people about cosmetic procedures". Some doctors and nurses working in cosmetic injectable clinics operate on commission-based models, meaning the more work done or greater the volume of product injected, the more money they stand to make from a consultation. But whether commission-based models need to be disclosed to patients will be subject to clinician's judgement and assessed by the regulator on a "case-by-case basis". It is illegal to advertise almost all prescription medications or related services including cosmetic injectables, with the Therapeutic Goods Administration (TGA) responsible for regulation. Despite this, cosmetic clinics have been widely flouting advertising rules for years on social media and their own websites. The TGA said it had recently sent around 100 "targeted guidance letters" to providers in the cosmetic injectables industry, following identification of alleged non-compliance and that more will follow "in the coming weeks". The agency said in a statement that last financial year it submitted over 12,000 requests for removal to social media platforms over the alleged unlawful advertising of therapeutic goods, including "over 2,500 advertisements relating to cosmetic injectable products". The AHPRA guidelines now state any imagery used in advertising of higher-risk cosmetic procedures must be focused on information or education, citing concerns advertising was promoting the "trivialization and glamourisation" of cosmetic procedures to vulnerable patients, especially on social media. Examples of features more likely to be considered entertainment included imagery like music, dancing, singing, or comedic comments. It comes almost four years after a joint ABC and Sydney Morning Herald investigation revealed a shocking video of two doctors dancing while performing liposuction on an unconscious patient, which led to a crackdown on the cosmetic surgery industry. Under the new injectables guidelines there will be a total ban on targeted advertising towards patients under 18, as well as a mandatory seven-day cooling off period between the first consultation and any procedures for minors. Patients considering cosmetic injectables have been encouraged to check if a health practitioner is registered on the Australian Health Practitioners Regulation Agency website.
News.com.au
43 minutes ago
- News.com.au
ASX May Winners: No walking away in May for Dateline Resources, which rocketed 978pc
Australia's S&P/ASX 200 rallied 4.20% in May along with global markets as US-tariff tensions eased All of 11 sectors gained in May, led by tech up almost 20% followed by energy and communication services Dateline Resources surged 978% in May with its gold and rare earths Colosseum project in California getting a shoutout from US President Donald Trump The Aussie bourse joined global equities to rally for the second consecutive month in May, driven by relief from US tariff-related risk, according to S&P Dow Jones Indices (S&P DJI). Australia's S&P/ASX 200 rose 4.20% in May and is up 4.95% YTD, in what has been a volatile year for equity markets. Smaller stocks outperformed larger caps in May, with the S&P/ASX Small Ordinaries climbing 5.76%. Fears around escalating US tariffs eased in May bringing relief to global markets. Investor sentiment improved as trade tensions between the US and China showed signs of de-escalation, with diplomatic rhetoric softening. Starting May 14, the US reduced tariffs on Chinese imports from as high as 145% to 30%, while China lowered its tariffs on US goods from 125% to 10%. The agreement aimed to create a window for further negotiations. However, by the end of May Trump was accusing China of breaking the tariff truce and China responded with accusations of American misconduct, reigniting concerns of trade war between the world's two largest economies. May also saw legal challenges to existing US tariffs gain momentum. Several US courts began reviewing cases contesting the legality of specific tariffs imposed, signalling that some could be rolled back or revised. Back at home the Reserve Bank of Australia board announced on May 20 that it had decided to lower the cash rate by 25 basis points to 3.85% as inflation fell to within the central bank's 2-3% target range. Trimmed mean inflation, the RBA's preferred measure of underlying inflation, was 2.9% over the year to the March quarter. However, the RBA said it was continuing to manage expectations for future interest rate cuts, pointing to ongoing uncertainty around tariffs and the domestic labour market. "The Monetary Policy Board judged that the risks to inflation had become more balanced but that the outlook is uncertain and depends heavily on unpredictable developments in global trade policy," the RBA said. Tech tops winning sectors All sectors within the S&P/ASX 200 posted gains in May, led by Information Technology, which was up 20%, followed by Energy, up 9%. Defensive sectors including Utilities, Consumer Staples and Health Care ended May in the green but were the month's underperformers. Factor indices in positive territory, while fix income mixed All reported Australian factor indices remained in positive territory in May with Momentum – the best-performing factor in 2024 – outperforming along with Equal Weight, and Growth. S&P DJI said High Dividend and Value trailed, consistent with the trends observed at the sectoral level. Volatility declined across the board, with Australia's S&P/ASX 200 VIX falling to a 10-handle and the US VIX dropping below 20 – both lower than levels seen prior to US President Donald Trump's Liberation Day tariff announcement on April 2. Fixed income indices were mixed as long-term rates remained volatile globally. The 50 best performing ASX stocks in May CODE COMPANY LAST SHARE PRICE MAY RETURN % MARKET CAP DTR Dateline Resources 0.097 978% $262,956,021 RMI Resource Mining Corp 0.028 460% $21,299,147 RPG Raptis Group Limited 0.038 389% $6,136,985 LKY Locksley Resources 0.08 321% $9,680,000 EDE Eden Innovations 0.003 200% $12,329,643 SMM Somerset Minerals 0.024 140% $9,722,874 PUA Peak Minerals Ltd 0.021 133% $56,146,426 OCN Oceana lithium 0.059 119% $7,837,294 MKL Mighty Kingdom Ltd 0.013 117% $5,347,559 RML Resolution Minerals 0.017 113% $7,361,016 LOC Locate Technologies 0.115 109% $14,083,568 PEK Peak Rare Earths Ltd 0.255 108% $89,789,736 HRE Heavy Rare Earths 0.041 105% $8,529,389 FRS Forrestania Resources 0.079 103% $25,772,734 DVL Dorsavi Ltd 0.014 100% $9,506,093 HIO Hawsons Iron Ltd 0.026 100% $25,412,534 LLI Loyal Lithium Ltd 0.13 97% $13,095,298 4DS 4Ds Memory Limited 0.059 97% $126,146,384 NWC New World Resources 0.047 96% $168,210,882 EDU EDU Holdings Limited 0.27 93% $42,154,954 TMG Trigg Minerals Ltd 0.081 88% $75,757,331 MM1 Midas Minerals 0.28 87% $38,837,399 MPW Metal Powdworks Ltd 0.875 86% $81,567,403 VTM Victory Metals Ltd 0.88 85% $101,837,524 SPD Southern Palladium 0.415 84% $35,470,500 BTM Breakthrough Minerals 0.125 84% $5,264,545 ELS Elsight Ltd 0.77 83% $123,584,023 VRL Verity Resources 0.029 81% $7,742,283 YAR Yari Minerals Ltd 0.009 80% $4,992,403 D3E D3 Energy Limited 0.115 80% $10,331,751 RNT Limited 0.032 78% $24,735,277 MEG Megado Minerals Ltd 0.014 75% $5,875,566 G50 G50Corp Ltd 0.19 73% $28,907,579 CDT Castle Minerals 0.1 72% $11,020,909 CDR Codrus Minerals Ltd 0.034 70% $6,822,235 RLT Renergen Limited 0.96 70% $28,051,528 CCE Carnegie Cln Energy 0.061 69% $20,873,598 ERD Eroad Limited 1.39 67% $253,004,353 TAS Tasman Resources Ltd 0.025 67% $3,314,567 BMR Ballymore Resources 0.165 65% $27,393,241 FML Focus Minerals Ltd 0.385 60% $101,728,319 ANX Anax Metals Ltd 0.008 60% $7,062,461 JAL Jameson Resources 0.04 60% $23,207,866 MGU Magnum Mining & Exp 0.008 60% $7,851,556 WTM Waratah Minerals Ltd 0.32 60% $74,723,925 NYR Nyrada Inc 0.165 57% $32,692,141 ESK Etherstack PLC 0.44 57% $58,155,681 STK Strickland Metals 0.145 56% $316,730,372 PPY Papyrus Australia 0.014 56% $8,590,226 FG1 Flynn Gold 0.031 55% $11,348,178 Dateline Resources (ASX:DTR) rose a staggering 978% in May, reaching a market cap of ~$262 million with much of the investor interest sparked by a shoutout from Trump on his social media platform Truth Social. DTR owns the 1.1Moz Colosseum gold project in California, with Trump highlighting its rare earths potential given its close proximity to the Mountain Pass rare earths mine. The company also announced an updated scoping study with little changed except an assumed gold price moving from US$2200/oz to US$2900/oz, still well below spot. Annual gold production remains at 71,000ozpa, but net revenue before tax is projected to jump 208%, from US$398m to US$827 million. The internal rate of return before tax – a measure of profitability – climbs from 31% to 61%, while pre-tax discounted cashflow rises 234% to US$550m. DTR was up another ~50% on Monday after painting more details on upcoming field work and drilling to find new sources of gold and rare earths at Colosseum. Resource Mining Corporation (ASX:RMI) saw its share price surge 460% in May, driven by a series of exploration updates from its Mpanda copper-gold project in Tanzania. The share climb triggered an ASX price and volume query on May 16. The company also announced it had received firm commitments from professional and sophisticated investors for a placement to raise $2m. Locksley Resources (ASX:LKY) also had a strong May up 321% in what Kristie Batten described as a "transformational month" for the company thanks to its Mojave rare earth and antimony project in California. Geologist Allister Caird joined the company in May as Head of Critical Minerals, while Donald Trump's push to boost local mineral production is seen as a major tailwind for LKY. Its Mojave project is located just 1.4km from MP Materials' Mountain Pass mine — the only producing rare earths mine in the US. LKY closed more than 30% higher on Monday with its share price ~1.8 cents at the start of May and now 10.5 cents. Eden Innovations (ASX:EDE) was up 200% in May after issuing a positive update on sales of its EdenCrete Pz7 concrete additive, a product that makes standard concrete mixes stronger and reduces the need for carbon-intensive Portland Cement. Over the past three months, EDE said sales topped US$567k. In April and May sales were 86% higher than the whole of Q4 FY24. EDE said it had experienced rapid growth in sales of Pz7 for commercial applications in the US, Ecuador, Mexico, and Canada. The 50 worst performing ASX stocks in May CODE COMPANY LAST SHARE PRICE MAY RETURN % MARKET CAP LSR Lodestar Minerals 0.006 -65% $2,069,755 DUB Dubber Corp Ltd 0.016 -62% $41,973,880 OSL Oncosil Medical 0.002 -56% $13,819,747 HCF H&G High Conviction 0.025 -55% $504,568 CRN Coronado Global Resources 0.11 -51% $209,556,716 1TT Thrive Tribe Tech 0.001 -50% $2,031,723 BMO Bastion Minerals 0.0015 -50% $1,807,255 E79 E79 Gold Mines 0.018 -50% $2,693,015 JAY Jayride Group 0.001 -50% $1,427,889 LNR Lanthanein Resources 0.001 -50% $2,443,636 SHP South Harz Potash 0.003 -50% $3,308,186 88E 88 Energy Ltd 0.026 -48% $27,776,410 AON Apollo Minerals Ltd 0.009 -47% $9,284,569 AR3 Austrare 0.058 -41% $12,931,229 CAE Cannindah Resources 0.032 -41% $23,298,558 1AD Adalta Limited 0.003 -40% $1,286,446 AVH Avita Medical 1.86 -40% $136,757,000 FTC Fintech Chain Ltd 0.003 -40% $1,952,309 OLH Oldfields Holdings 0.027 -40% $5,752,597 IMU Imugene Limited 0.015 -40% $119,472,333 NUF Nufarm Limited 2.38 -40% $896,180,426 ARN Aldoro Resources 0.32 -38% $56,058,088 ENL Enlitic Inc 0.03 -38% $24,527,901 IVT Inventis Limited 0.01 -38% $764,244 KLI Killi Resources 0.03 -38% $4,346,936 RNX Renegade Exploration 0.0025 -38% $2,576,727 OFX OFX Group Ltd 0.72 -36% $178,338,490 IR1 Irismetals 0.1 -35% $18,970,532 CCM Cadoux Limited 0.033 -35% $12,982,116 NHE Noble Helium 0.011 -35% $5,395,725 DTZ Dotz Nano Ltd 0.048 -34% $28,323,086 BDM Burgundy D Mines Ltd 0.025 -34% $38,375,971 3DP Pointerra Limited 0.055 -34% $44,279,224 AQX Alice Queen Ltd 0.004 -33% $4,998,560 AVD Avada Group Limited 0.2 -33% $18,261,030 AXP AXP Energy Ltd 0.001 -33% $6,684,681 DMG Dragon Mountain Gold 0.004 -33% $1,578,687 EG1 Evergreen Lithium 0.032 -33% $6,587,349 KPO Kalina Power Limited 0.004 -33% $17,597,818 MOM Moab Minerals Ltd 0.001 -33% $1,733,666 RAN Range International 0.002 -33% $1,878,581 RAS Ragusa Minerals Ltd 0.014 -33% $1,996,383 REZ Resources & Energy Group 0.016 -33% $12,089,504 VML Vital Metals Limited 0.002 -33% $11,790,134 REE Rarex Limited 0.019 -32% $16,562,952 PFT Pure Foods Tas Ltd 0.015 -32% $2,166,810 EWC Energy World Corporation 0.015 -32% $49,262,740 KEY KEY Petroleum 0.041 -32% $1,008,640 SRJ SRJ Technologies 0.013 -32% $9,083,671 TEE Topend Energy 0.052 -32% $14,243,344
News.com.au
43 minutes ago
- News.com.au
Dr Boreham's Crucible: Cryopreserver Vitrafy aims to heat up, even as it chills
For Vitrafy Life Sciences (ASX:VFY) chief Kate Munnings, two isolated local controversies are testament to how the recently listed cryopreservation outfit's technology can be put to good use. 'With every problem there's an opportunity,' she says. The first incident was Monash IVF's mishandling of biological samples that led to a mother being implanted with the wrong embryo. The second is the ongoing disquiet about the environmental impact of intensive salmon farming in Tasmania, which emerged as a key issue in the recent Federal election. Munnings reckons Vitrafy can ameliorate both problems. In the case of fish, it's better husbandry practices to make the industry more sustainable. 'We are looking at how we craft what we offer to that market as an opportunity to help with challenges they have experienced,' she says. In the case of the human biological samples, it's better freezing via Vitrafy's device and better tracking via its Lifechain internet cloud-based software. 'As a result of the embryo mix up, we have started conversations in the IVF sector about how Lifechain, with its quality and tracking and monitoring of biologic material, could be utilised,' she says. Plating up a new company There's seemingly little correlation between a cooking show and cryopreservation, but Vitrafy owes its existence to the culinary reality television show Masterchef. Vitrafy was co-founded by amateur chef Brent Owens, who won the cook-off in 2014. The victory sparked Owens' interest in food cryopreservation and a wider interest in the art of deep freezing – all self-taught. 'The idea was that if you could cryopreserve an egg, you could cryopreserve anything,' he said. Owens founded Vitrafy with Brian Taylor and Sean Cameron in 2017, with an initial interest in consumer applications, notably food (their backgrounds are in consumables export and manufacturing). The trio soon shifted their interest to human health (such as artificial insemination, blood products and cell gene therapy) and animal applications. Munnings headed the formerly ASX listed, now privatised, in-vitro fertilisation (IVF) house Virtus Health from March 2020 to November 2023. Munnings is also a non-executive director of Bunnings parent company Wesfarmers and the New Zealand-listed aged-care operator Ryman Healthcare. A Vitrafy non-executive director, Prof John McBain needs no introduction, having founded Melbourne IVF. Vitrafy listed on the ASX on November 27 2024, after a $35 million capital raising at $1.84 a share. Vitrafy's 'secret sauce' Vitrafy's products consist of freezing, thawing and packaging devices, overlaid by the Lifechain algorithm-based monitoring software. Cryopreservation has been around at least since 1966, when the deceased Walt Disney was rumoured to be (although repeatedly denied by his family) immersed in a vat for future revival. Vitrafy's technology is based on the principles of heat transfer, thermo-dynamics and fluid dynamics to remove heat from a sample 'in a controlled and consistent way at various temperatures and speeds'. The result is that freezing and thawing take minutes, rather than hours, thus reducing the risk of the specimens degrading. In the US, the company says, 20% of blood platelet samples need to be thrown out because of inadequate cryopreservation, at a cost to the health sector of US$280 million. Have you noted that, DOGE? Different types of samples require different freezing temperatures and durations. Vitrafy's 'secret sauce' is to be able to adapt the conditions to suit the sample. Last year the US Food and Drug Administration approved Vitrafy for sperm, ova and blood product applications, under a fast-track predicate device path. We came, we thawed, we conquered Vitrafy's US efforts centre on a collaboration with the US Army Institute of Surgical Research, which carried out a phase I study on blood platelet preservation. The project aims to improve the shelf-life of emergency blood platelets, which is relevant for the battlefield. Completed in April, the study reported platelet recovery of 88%, well above the desired threshold and without the need for cryoprotectants (see below). Post-thaw, the study analysed 24 units from eight healthy donors. The parties are moving to the next stage of the study, which in part involves higher throughput and is expected to complete by the end of the year. In the US, Vitrafy has also held discussions with the Red Cross and Blood Centres of America, a collective of independent biobanks. Fishy business Munnings says the salmon industry has a growing interest in artificial insemination, to improve hatchery and harvest management and thus address the over-fishing allegations. Following pilot testing, Vitrafy has signed a three-year commercial contract with Tasmanian salmon producer Huon Aquaculture to freeze and thaw brood stock sperm. In Huon's summer fertilisation program, Vitrafy's process of fertilising fresh salmon milt from vitrified material was compared to a rival's method. The result was a 72% fertilisation rate with Vitrafy's method, compared with 75% for fresh milt and 45% for rival techniques. The company has preserved a minimum 750 packs of salmon milt, representing 55% growth over three years (albeit from a low base). Vitrafy is carrying out a paid pilot program with Tassal, another major salmon producer. Holy cow! That's an improvement Vitrafy has a contract with the Ohio-based Select Sires, which accounts for 25% of the US bovine reproduction market. Cattle make up 40% of the US$5 billion-a-year global animal artificial insemination sector. Comparing Vitrafy's process to Select Sires' protocols, a phase I trial saw an average 30% increase in bull semen motility (in effect, their ability to swim). A planned phase II trial has been delayed to the December quarter, thanks to US President Donald Trump-related customs disruptions. Under the non-exclusive arrangement, Vitrafy retains ownership of the protocols and data. Freezing cells offers hot prospects Cell and gene therapy (CGT) research is booming – notably in off-the-shelf 'allogeneic' cancer therapies derived from donor material. But the frozen material must be as good as fresh, or else it is wasted. Munnings says the company is holding 'active conversations in the US and Australia with significant industry participants'. The Trump administration's cost-cutting drive has sparked concerns about CGT funding, but Munnings says it's still a 'vibrant industry looking for innovation.' She says CGT's approach to cryopreservation differs from the more traditional approach of the blood banks. 'But the blood banks are starting to collect blood for cell and gene therapies, so the two are starting to work together.' Finances and performance Essentially pre-commercial, Vitrafy reported March quarter receipts of $12,000 from its fish work. The company burnt $356,000, taking cash on hand to $34 million. Vitrafy's expenses are running at $1.1 million a month. Chief finance officer Simon Martin cautions spend will ramp up in the June half 'as commercial development intensifies' before settling next year. Vitrafy was awarded an Australian government $4.8m Industry Growth Program grant, for small companies with the potential for commercialisation. The company has pocketed the first tranche and will bank the remainder as research and development progresses over the next six months. Owens says the use of funds outlined in the initial public offer prospectus is on-time and on-budget. As for the US tariff threat, the company sources some components from outside the US. But it is looking to derive as much as possible in the US, where its Melbourne-based contract manufacturer Planet Innovation has a facility (in California). Vitrafy's research and development base remains in the Victorian town of Ballarat which – aptly – is freezing in winter. Its sparsely-traded shares have ranged between $2.03 on November 27 last year – the day after listing – and $1.08 on April 7 this year. Vitrafy versus others Vitrafy competes with three US giants: the Nasdaq-listed Azenta Inc and Cryoport Inc and Cytiva (an arm of the New York-listed Danaher Corporation). Owens argues there's more scope for cooperation than competition, given the parties tend to operate in different parts of the cryogenics supply chain. 'For instance, Vitrafy focuses on crypreservation, thawing and quality management steps, while Cryoport focuses on logistics and storage.' A key selling point is the non-use of toxic cryoprotectants such as DMSO (dimethyl sulfoxide). Before cells can be used for animals or humans, the cryoprotectants need to be 'washed out': removed via methods such as centrifugation. In the case of blood platelets for situations such as battlefield injuries, time is crucial. So, achieving 88% recovery without cryoprotectants in the army study was notable. Owens says most rivals use nitrogen as a freezing agent, which also can be harmful. Compare the pair Locally, Vitrafy compares with the ASX-listed Cryosite, which has a 25-year pedigree. In February, Cryosite disclosed December half revenue of $6.6 million, with underlying earnings rising 15% to $1.52 million. Cryosite also reports the month of January was one of the strongest in its history and the company has doubled the capacity of its South Granville facility in Sydney. Cryosite is targeting clinical research organisations, pharmaceutical and biotechnology companies with clinical trials, IVF clinics; and hospitals and private clinics with advanced cell therapies, In other words, Cryosite is in a similar space to Vitrafy, albeit not in the animal sector and with a more local focus. Pre listing, Owens said Cryosite was not so much a rival as a potential partner. Cryosite's market capitalisation of $37 million is dwarfed by Vitrafy's circa $100 million. In April 2016, Cryosite said it would maintain the storage of more than 2,000 cord blood materials, following the closure of the Brisbane-based Stemlife business. Dr Boreham's diagnosis 'It doesn't matter for us whether it is blood platelets, cell and gene therapy products, salmon or human sperm, our objective is to maintain the quality of the sample as best as it can possibly be,' Owens says. However, Vitrafy's strategy is to derive initial revenue from the animal market, which is a testing ground for the larger but more complex and highly regulated human market. Vitrafy cites a current global cryopreservation market of US$94 billion, with bio-repositories, such as blood banks, accounting for US$77 billion. Cell cryogenics and the animal/aquaculture sectors account for US$9.4 billion and US$7.8 billion respectively. The market is forecast to grow to US$186 billion by 2030. Post IPO, Vitrafy has been running hot with its development on several fronts. Still, the company's path to revenue is unclear and it needs to work hard to convince potential clients why they should freeze out their long-standing suppliers. At a glance ASX code: VFY Share price: $1.54 Market cap: $98.3 million Shares on issue: 63,849,674 (22.6 million shares are in ASX escrow) Chief executive officer: Kate Munnings Financials (March quarter 2025): receipts $12,000, grant income $2.64 million, cash burn $356,000, cash balance $34 million Identifiable major shareholders: Stacey Investments Australia (Dr Neil Stacey 5%), Krisami Investments 4.1%, VEF Pty Ltd 3.5%, Taylor Hotel Management 3,2%, Rarla Pty Ltd 3% Dr Boreham is not a qualified medical practitioner and does not possess a doctorate of any sort. There's no need to cryopreserve him as he lives in Melbourne, which is almost as cold as Ballarat in winter.
