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(Alliance News) - Verici Dx PLC on Wednesday said it remained "very pleased" with its progress despite making a USD4.7 million pretax loss during its recent nine-month period.
The New York, US-based clinical diagnostics developer for organ transplant reported a USD4.7 million pretax loss for the period between April 22 and the end of 2020, and adjusted earnings before interest, tax, depreciation and amortisation loss of USD1.2 million.
Verici said the losses were attributed to being within its "development phase", and therefore not yet generating revenues from operating activities.
Despite losses in the year, the group retained a cash balance of USD17.8 million at December 31.
It added that its focus remained on clinical trials as the first step in commercialising transplant products. It said the firm was on track to complete its clinical validation trial this year, alongside generating revenue in 2022.
Verici was successfully admitted to AIM in November 2020, raising GBP14.5 million. The proceeds of the listing are being used to fund clinical utility and validation studies for its lead products Clarava and Tuteva, and other health economic studies, it 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," said Non-Executive Chair Julian Baines.
Additionally, Verici said it has entered into a material transfer agreement to assess clinical trials in Organ Transplant samples. The agreement is with the Icahn School of Medicine at New York-based medical school Mount Sinai, with Principal Investigator Peter Heeger assessing CTOT-19 samples in the study.
The trial is being conducted in an effort to validate the performance and development of commercial tests designed to improve short and long-term graft and patient survival, Verici added.
Verici shares were trading at 72.00 pence in London on Wednesday afternoon, up 6.7%.
By Will Paige; willpaige@alliancenews.com
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