Half-year Report

Strong progress made with key milestones towards commercialisation met ahead of schedule 

Verici Dx plc (AIM: VRCI), a developer of advanced clinical diagnostics for organ transplant, announces its unaudited interim results for the six months ended 30 June 2021.

 

Strategic and Operational highlights for the period

  • Partnered with five leading US centres to collaborate on clinical validation trial for lead products Clarava™ and Tuteva™.  
  • Expanded scope of licence agreement with Icahn School of Medicine at Mount Sinai (“Mount Sinai”) in January 2021, to include an additional patent filing related to the analysis of gene expression in a blood-based test (liquid biopsy) to predict risk of fibrosis (chronic kidney graft damage) and graft rejection.
  • Entered into a Material Transfer Agreement ("MTA") with Mount Sinai to allow access to CTOT-19 (Clinical Trials in Organ Transplant) samples, providing Verici Dx, in combination with the Company’s clinical validation study, with a large, well-characterised sample group.

 

Financial highlights

  • Adjusted EBITDA1 loss of $2.52m.
  • Cash balance at 30 June 2021 of $14.5m (31 December 2020: $17.8m).
    • Strong cash position to expand the Verici Dx platform over time with additional innovative licensing opportunities that complement the existing offering.
    • Engage and build new alliances with patient groups and foundations alike focused on kidney research. 

 

Post-period end

  • Obtained CLIA2 Certification of Registration for the Company’s newly established US clinical laboratory in Tennessee ahead of schedule, authorising the Company to initiate commercial operations as a diagnostic laboratory, a key milestone towards the commercial launch of Clarava™ and Tuteva™.
  • Expanded multi-centre clinical validation trial to a total of twelve US and EU sites. 
  • Completion of patient enrolment to the clinical validation trial for lead products, ahead of schedule.
  • Appointment of Lorenzo Gallon, MD, as Non-Executive Director.

 

Julian Baines, Non-Executive Chairman, said: “The Company has made strong progress over the past six months, with some key milestones reached ahead of schedule as we look to commercialise our innovative organ transplant products.

“We initially partnered with five leading US centres in our collaborative, multi-centre observational clinical validation study. We have since expanded to partner with a total of twelve US and European centres for the validation study and completed patient enrolment for Clarava™ and Tuteva™ ahead of schedule We remain on target for the validation study to be completed by the end of 2021 for lead products, in line with expectations set out at IPO, with the data to be submitted for publication in Q1 2022. 

“Post-period end, we obtained a CLIA Certification of Registration for our US clinical laboratory in Tennessee. Having a CLIA-certified lab will enable us to launch our two lead products commercially, subject to the successful conclusion of our analytical validation studies. I’d like to thank all of our employees and shareholders for their ongoing hard work and support over the past six months and into the next phases of commercialisation.”

 

Notes:

  1. Earnings before income tax, depreciation and amortisation, adjusted to exclude exceptional items and foreign exchange loss 
  2. The CLIA (Clinical Laboratory Improvement Amendments) regime is used by the Center for Medicare and Medicaid Services (CMS) to regulate laboratory testing in the US, and requires all clinical laboratories to be certified before they can accept human samples for diagnostic testing

 

Investor briefing

Sara Barrington, Chief Executive Officer, and David Anderson, Chief Financial Officer, will provide a live presentation relating to the Final Results via the Investor Meet Company platform on 13 September 2021 at 16:30hrs BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9.00 a.m. the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet VERICI DX PLC via:

https://www.investormeetcompany.com/verici-dx-plc/register-investor

Investors who already follow Verici Dx plc on the Investor Meet Company platform will automatically be invited.

 

 

Enquiries:

Sara Barrington, CEO
Julian Baines, Chairman

www.vericidx.com
Via Walbrook PR

N+1 Singer (Nominated Adviser & Broker)
Aubrey Powell / Kailey Aliyar / Tom Salvesen

Tel: 020 7496 3000

Walbrook PR Limited
Paul McManus / Sam Allen

Tel: 020 7933 8780 or vericidx@walbrookpr.com
Mob: 07980 541 893 / 07748 651 727

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