REG - Verici Dx PLC - Update on Local Coverage Determination and Trading

Verici DxAnnouncement

11/10/2024 07:00

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RNS Number : 8076H  Verici Dx PLC  11 October 2024

 

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
Tutivia(TM) test and expects this process will continue into H1 2025 rather
than the anticipated end of FY24. As such, the Company will now recognise
Tutivia(TM) 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 Tutivia(TM) 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 Tutivia(TM) 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
Tutivia(TM)."

 

Enquiries:

 

 Verici Dx                                                www.v (http://www.vericidx.com) ericidx (http://www.vericidx.com) .com
                                                          (http://www.vericidx.com)
 Sara Barrington, CEO                                     investors@vericidx.com
 Julian Baines, Chairman

 Singer Capital Markets (Nominated Adviser & Broker)      Tel: +44 20 7496 3000
 Phil Davies / Sam Butcher

 

 

About Verici Dx plc www.vericidx.com (http://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.

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