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Half-year report

Strong data in validation study for Tuteva™ paving the way for commercial launch

 

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 2022.

Operational highlights (including post-period end)

  • Positive data from multi-centre, international validation study for Tuteva™ presented at American Transplant Congress (“ATC”) 2022, paving way for soft commercial launch of Tuteva™ in the United States in 2022
  • Announced a collaboration with Illumina, Inc., to expedite the operational launch of data analysis processing and predictive artificial intelligence component of our products, using early access to the Illumina Connected Analytics (ICA) platform
  • Received, ahead of schedule, CPT® Proprietary Laboratory Analyses (“PLA”) codes for Clarava™ and Tuteva™
  • Completed analytical validation for Clarava™ and Tuteva™ in February 2022, an essential element of defining the performance characteristics and platform capabilities of in vitro diagnostic assays and a key milestone towards commercialisation
  • Raised gross proceeds of £10.0m in March 2022 via Placing and Subscription
  • Appointed initial commercial team to support Tuteva™ launch
  • Confirmed positive initial results, in September 2022, for Clarava™ from an international clinical validation study; an expanded cohort from the ongoing trial will be used to enrich the utility data for the assay and support a statistically robust and clinically meaningful case for its adoption in due course

 

Financial highlights

  • Adjusted EBITDA loss of $4.91m (2021: loss of $2.52m), excluding share-based payments and costs of new share issue
  • $15.7m cash balance as at 30 June 2022 (31 December 2021: $10.3m), augmented by the net proceeds of $12.5m from the issue of 28,571,429 new ordinary shares in March 2022
  • Net cash outflow from operating activities in the six months to 30 June 2022 was $4.9m (excluding the share issue costs charged to the Income Statement) (six months to 30 June 2021: $2.8m) with investing activities consuming a further $0.7m (six months to 30 June 2021: $0.7m)

 

Sara Barrington, Chief Executive Officer, said: “I have been delighted with the significant progress that we have made over this six-month period, as Verici Dx advances towards becoming a company with commercial products.

“The business is well funded following our March 2022 fundraise to advance all three of our products as well as potential new growth opportunities, including new partnerships such as our collaboration with Illumina. I am looking forward to making further progress over the rest of the year and beyond, as we move from being a purely research and development company to one with commercial products.”

 

Investor briefing

 Sara Barrington, Chief Executive Officer, and David Anderson, Chief Financial Officer, will provide a live presentation relating to the interim results via the Investor Meet Company platform today at 15:00 BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted 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 on the Investor Meet Company platform will automatically be invited.

A copy of the Company’s interim results report will shortly be made available on the Company’s website.

 


 

Enquiries:

Verici Dx
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 /
07502 558 258

 


 

About Verici Dx plc

Verici Dx is a developer of a complementary suite of leading-edge tests forming a kidney transplant platform for personalised patient and organ response risk to assist clinicians in medical management for improved patient outcomes. The underlying technology is based upon artificial intelligence assisted transcriptomic analysis to provide RNA signatures focused upon the immune response and other biological pathway signals critical for transplant prognosis of risk of injury, rejection and graft failure from pre-transplant to late stage. The Company also has a mission to accelerate the pace of innovation by research using the fully characterised data from the underlying technology and collaboration with medical device, biopharmaceutical and data science partners.

The foundational research was driven by a deep understanding of cell-mediated immunity and is enabled by access to expertly curated collaborative studies in highly informative cohorts in kidney transplant.

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