Looking pas the current share price weakness, the clinical data continues to get stronger and stronger for Verici Dx (VRCI), a "next generation" diagnostics firm developing a suite of blood/AI & RNA based tests used by doctors to improve a patient's pre- and post-kidney transplant response and acceptance.
Today the company released the backing medical data behind its "ground breaking" post operation diagnostic test, Tuteva.
The test demonstrated a Positive Predictive Value (PPV) of 60% (& 80% NPV) across a broad population and in real-world conditions, which together reinforce its superior performance versus existing rival products on the market. The results come after an extensive 15-month blinded trial involving 13 sites, 5 countries & 151 patients.
Importantly, Verici's scientists plan to further enhance the test’s accuracy by supporting further research and development with artificial intelligence (AI) and data collection, which it believes is key to holding onto its competitive advantage.
So why is this important? Firstly, because it means Verici Dx remains bang on track to launch Tuteva in the US later this year before rolling out the test internationally to a total addressable market of around 100,000 patients worldwide.
Secondly, the findings are particularly impressive given that the validation study utilised a generalised "all-comers" population, rather than a specific subgroup. That suggest a wide clinical applicability of the test and the potential for comprehensive commercial adoption.
Next, with the underlying efficacy of Tuteva now "proven", these results should hopefully open the door to similar outcomes for its other two lead tests. These are Clarava, a pre-transplant prognostic for identifying early acute rejection (results due this summer), and Protega, a liquid biopsy that aims to predict the risk of fibrosis and long-term graft failure.
What's more, due to the quality and depth of Verici’s patented technology (exclusively licensed from Mount Sinai), there’s even scope to sell this RNA signature/profiling data (such as histopathology imagery and the analysis of whole transcriptome) to third parties for research and therapeutic development purposes, or monitoring patient studies post approval. Possible applications include auto-immune research and clinical trial stratification
House broker Singer Capital Markets has reiterated its forecasts, predicting 1st revenues this year of $0.2m climbing rapidly to $2.7m & $8.4m between 2023-2024 - its risk adjusted target price is 76p vs 26p today.
CEO Sara Barrington commented: “I’m delighted that the data shows that our underlying technology has the potential to be clinically ground breaking, particularly as we focus on commercial launch later this year with the goal of making this much needed test available to all kidney transplant patients, so that an earlier clinical diagnosis can better inform their medical management”.