Verici Dx PLC on Wednesday reported a widened loss in the first half but the firm said it is geared up for a commercialisation push to start generating revenue.
Verici are a Cardiff, Wales-based developer of advanced clinical diagnostics for organ transplant with, a laboratory in Franklin, Tennessee.
Verici announced a pretax loss of $5.5 million in the six months to June 30, widened from the $2.8 million loss seen the year prior.
It reported an adjusted earnings before interest, tax, depreciation and amortisation loss of $4.9 million in the first half, widened from $2.5 million the year before.
The company is in the development phase of its business and has not generated any revenue but has available cash resources of $15.7 million after a £10 million fundraising in March 2022.
The company drew attention to the difficult macroeconomic environment in which the fundraising took place. It noted the cash will be used to ‘accelerate and broaden’ its platform, with a particular focus on liquid biopsy product Protega, Clarava and Tuteva.
For the rest of 2022, Verici is hoping to pave the way for the soft commercial launch of Tuteva, a post-transplant test focused upon acute cellular rejection, with a view to scaling up for a wider launch in 2023.
It will also hope to progress pricing for Tuteva and pricing and coverage determinations for Clarava, a new product for determining a patient’s likelihood of rejecting kidney transplants which announced positive test results on Tuesday.
Chief Executive Officer Sara Barrington said: ‘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 Inc.
‘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.’
Shares in Verici were trading down 2.7% at 18.00 pence each in London on Wednesday around midday.
Copyright 2022 Alliance News Limited. All Rights Reserved.
