Verici Dx PLC (AIM:VRCI) is preparing to raise new equity funding as it looks to ramp up the commercial rollout of its flagship transplant diagnostic, Tutivia, in the US following a key Medicare coverage decision.
The London-listed diagnostics firm said it had received early support from institutional backers and other investors for the planned fundraising, which will include a placing and a retail offer for existing shareholders.
The proceeds are intended to extend its cash runway and fund commercial scaling, particularly as it targets $3.2 million in Tutivia revenues for 2025.
Tutivia is used to detect signs of acute organ rejection following a transplant.
In April, the company secured coverage for the test under Medicare, the US federal insurance programme for older and disabled Americans, giving it a significant boost in potential customer reach and reimbursement.
Verici said its cash balance at the end of May stood at $1.04 million, bolstered by a $750,000 milestone payment from Thermo Fisher under a commercial agreement related to another of its products, the Pre-Transplant Risk Assessment (PTRA) test.
These funds, along with anticipated Medicare receivables, give the company enough capital to operate through at least the end of July.
The company plans to update shareholders on the terms and size of the fundraising before the end of June. It confirmed that the share issuance would not require further shareholder approval, thanks to allotment authorities granted at a meeting last month.