Verici Dx plc (AIM: VRCI), a developer of advanced clinical diagnostics for organ transplant, announces its inaugural audited results for the period ended 31 December 2020.
Strategic and Operational highlights
· Verici Dx was successfully admitted to AIM in November raising gross proceeds of c.$18.8m (£14.5m)
o The fundraising was significantly oversubscribed by institutional and other investors, and the current share price has notably outperformed the market since IPO
o The net proceeds are being used primarily to fund the clinical utility and validation studies for lead products Clarava™ and Tuteva™, as well as other bioinformatics and health economic studies
· Appointed Angela Rose as Senior Director of Clinical Trial Operations in December 2020 to oversee the clinical trials to their conclusion
· Adjusted EBITDA loss of $1.24m1
· Cash balance at 31 December 2020 of $17.8m
· Expanded scope of licence agreement with 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 rejection of the graft
· Accelerated CLIA1 approval strategy to enable faster commercial launch of leading products
· In February 2021, appointed David Schultenover as Vice President of Quality and Regulatory to project manage the accelerated CLIA approval strategy
Commenting on the outlook, Julian Baines, Non-executive Chairman, said: "We have been very pleased with the progress of the Company in such a short time and our primary focus remains on the successful prosecution of our clinical trials, as the first key step in commercialising our innovative transplant products.
"We are already making good progress, initially partnering with three leading US centres (Northwestern University Feinberg School of Medicine, Henry Ford Health System and University of Maryland, Baltimore) in our collaborative, multi-centre observational clinical validation study. We expect to bring more US sites on board shortly and are currently also progressing discussions to include a number of EU sites, to ensure that our products are fully tested for validation by the end of 2021, in line with our objectives set out at the time of our IPO.
"On behalf of the Board, I would like to thank our employees, stakeholders and shareholders for their support and we look forward to providing further updates on progress throughout the current year."