Nightingale Health Plc has acquired a worldwide license and rights to blood self-collection device Velvet(TM) from Weavr Health Corp. The acquired license gives Nightingale Health the rights to independently manufacture the Velvet(TM) devices and commercially use the devices in connection with Nightingale Health's services. Nightingale Health will use the Velvet(TM) device in its preventative health and wellbeing services, and currently the device is already being used in the Livit by Nightingale Health(TM) service allowing the customer to use the device to collect a blood sample anywhere, for example at home, without a need to visit a laboratory.

Prior to acquiring the license Nightingale Health purchased Velvet(TM) devices from Weavr based on a distribution agreement. Since the license provides Nightingale Health the rights to independently organize the manufacturing of the device, the distribution agreement was terminated as part of the transaction.   Under the terms of the transaction, Nightingale Health will receive perpetual, non-exclusive right and license to manufacture or have manufactured Velvet(TM), including the right to provide, modify and otherwise practice and commercially use all related intellectual property rights.

In consideration of the royalty free license, Nightingale Health gave up its rights based on the convertible loan (original investment of approximately EUR 3.5 million).