- PPK Group (PPK) partners with Xefco to form a new joint venture company, Survivon
- PPK and Xefco will each own 47.6 per cent of the new business, with the balance held by a senior manager
- Survivon will begin immediate local production of anti-viral, antibacterial face masks, using Xefco’s developed technology, which has been shown to inactivate SARS-CoV-2 in as little as five minutes
- Survivon says it will look to license its technology to international manufacturers around the world
- PPK Group last traded at $19.94 on September 22
PPK Group (PPK) has partnered with Xefco to form a new joint venture company.
Survivon said it will begin immediate local production of anti-viral, antibacterial face masks, using Xefco’s developed technology. PPK and Xefco will each own 47.6 per cent of Survivon, with the balance held by a senior manager.
A study by the Peter Doherty Institute for Infection and Immunity showed the technology that will be used by Survivon can inactivate SARS-CoV-2 in as little as five minutes.
The mask technology is based on an ultra-thin and nano-scale coating of 99.95 per cent pure copper, which is applied to the surface of the fabrics using a vapour deposition process.
The coating doesn’t affect the feel, breathability or weight of the underlying fabric and can be applied to a broad range of materials. The mask was a collaboration with Deakin University, which assisted Xefco in testing and refining the technology.
As part of the joint venture, Xefco will manage Survivon’s research and development of new products. PPK will contribute $4.5 million in cash, which will be used for Survivon’s ordinary working capital, and will contribute technical skill to assist the new company in developing and commercialising new products as required.
As part of this transaction, PPK will also transfer its shareholding in a recently acquired business, Mask Innovation, to Survivon for around $1.6 million. Mask Innovation, a TGA approved, PPE mask manufacturing business, was acquired by PPK in August 2021 for $1.5 million with key members of the previous management team retained.
“The chance to combine the manufacturing assets of PPK’s Mask Innovation business with leading science developed by Xefco in conjunction with Deakin University represents a tremendous commercialisation opportunity with global application,” Executive Chairman of PPK Robin Levison said.
“It is also an incredibly timely one and yields a likelihood of making a very practical and immediate difference in combating one of the great healthcare issues of our time.”
Survivon said it will look to license its technology to international manufacturers around the world.
PPK Group last traded at $19.94 on September 22.