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Date : 08/03/2021

Why did Memphasys (ASX:MEM) shares drop by 30% today

Memphasys is a life sciences company. It is engaged in the development, manufacture and sale of pre-cast electrophoresis gels, separations equipment and consumables, analytical software and other biological products for the life science market.

Memphasys has patented technology combining electrophoresis with size exclusion-based membranes, patented hydrogels, and other polymer membranes to separate specific types of cells from fluids. Memphasys has used this technology to develop a unique device, ‘Felix’, to address male factor infertility. Felix captures high quality sperm cells from semen samples for human assisted reproductive technologies (ART).

This morning, Memphasys shares dropped 30% as the validation process for Fexis has been delayed. Memphasys Limited revealed that the validation process of its Felix Device had been delayed due to a flaw found in it, which is likely to reduce the Felix system’s effectiveness.

The data collected to date showed that the device was generally performing the function of separating good quality sperm. However, after remediation of the device, the sperm separation process is expected to improve. Memphasys has confirmed the source of the defect with its engineering and design partners, and with these partners,has already determined various possible alternative ways to address the issue.

Following internal validation, the Felix device will then be sent to partners Monash IVF and the University of Newcastle for external approvals before starting commercial rollout. Memphasys expected the Validation process to be completed by end of March 2021, however this schedule will now need to be extended, and hence the 30% dip in Memphasys shares this morning.

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