Verici Dx
plc
("Verici Dx" or the
"Company")
Update on Local Coverage
Determination and Trading
Verici Dx plc (AIM: VRCI), a
developer of advanced clinical diagnostics for organ transplant,
announces that it is planning to submit supplemental information to
Medicare in support of a coverage determination for its TutiviaTM test and expects this process
will continue into H1 2025 rather than the anticipated end of FY24.
As such, the Company will now recognise TutiviaTM
revenues from this year in FY25. The updated timeline has no effect
on the Company's cash position at year end which we expect to be in
line with market expectations.
The TutiviaTM test has
been well received by clinicians. Adoption of innovative products,
however, is sensitive to establishing comprehensive insurance
coverage and the lack of coverage has slowed the pace of adoption.
We remain pleased with the initial TutiviaTM test
ordering, the levels of repeat ordering, and expect volumes to
accelerate as insurance coverage is established in 2025.
Dr. Zahraa Hajjiri, Assistant
Professor of Medicine, Department of Internal Medicine, Division of
Nephrology, Transplant Nephrology, Medical Director Transplant
Nephrology, said:
"Validated biomarkers for all post-transplant
patients early post-transplant, including those experiencing slow
allograft function and delayed allograft function are currently limited. As early adopters of this
test, we have been exceedingly satisfied with its outcomes and high
reliability. We are in the process of integrating it into our
protocol for delayed graft function and biomarker assessment,
anticipating a significant surge in its
utilization."
The Company's partnerships remain
strong, and licensing revenues remain on track. The services
business continues to generate collaborations, with contracts
signed to date now anticipated to generate revenue in 2025 rather
than the last quarter of 2024.
As at 30 September 2024, the Company
had $6.1 million in cash. Verici Dx has continued to demonstrate a
disciplined approach to cost control and anticipates that the
year-end cash balances will be in line with current market
expectations.
Sara Barrington, CEO of Verici Dx, said:
"Local coverage determination is important to
our commercial strategy, and we are actively working with the
assessment team to expedite the approval process. While this delay
pushes back our short-term revenue expectations, our long-term
outlook remains positive as we continue with the adoption of
TutiviaTM."
Enquiries:
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Verici Dx
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www.vericidx.com
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Sara Barrington, CEO
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investors@vericidx.com
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Julian Baines, Chairman
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Singer Capital Markets (Nominated Adviser &
Broker)
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Tel: +44 20 7496
3000
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Phil Davies / Sam Butcher
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About Verici Dx plc www.vericidx.com
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, including through 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.