LONDON (ShareCast) - (Sharecast News) - Verici Dx has announced a proposed equity fundraising of at least £5m on Monday, through a placing, subscription, and retail offer, aimed at accelerating the commercial rollout of its next-generation kidney transplant diagnostics.
The AIM-traded firm said the placing, priced at 0.5p per share, represented a 42.9% discount to the company's closing share price on 18 July.

It would involve the issue of at least one billion new ordinary shares, more than quadrupling the company's current issued share capital.

The placing would be conducted via an accelerated bookbuild and is targeted at institutional investors.

In addition to the placing, a US-based investor had conditionally agreed to subscribe for 7.4 million shares, raising £37,000.

Verici said it also intended to raise up to £0.5m from retail investors via the Winterflood Retail Access Platform (WRAP), with details of the retail offer to be announced separately.

The proceeds would be used to support the commercial scale-up of 'Tutivia', the company's lead blood-based test for detecting acute kidney transplant rejection.

Tutivia is now being reimbursed by Medicare at $2,650 per test, and is used by 20 ordering centres in the US, covering 68% of transplant patients.

Verici said it was planning to fund additional sales headcount, raise clinical awareness, and advance its product development pipeline, including its urine-based diagnostic platform and fibrosis-focused test 'Protega'.

CEO Sara Barrington said the fundraising would extend the company's cash runway into mid-2026.

As of 31 May, Verici held $1.04m in cash, providing coverage only through July without new funding.

The directors believed the new capital would allow the business to capture more of the transplant diagnostics market and accelerate revenue generation.

Verici said the first quarter of 2025 saw 292 Tutivia tests ordered, up 68% from the prior quarter.

Orders rose further in the second quarter, with 299 tests recorded.

Medicare billing eligibility was also backdated to 21 November 2024, enabling the company to invoice for a greater number of historical tests.

Singer Capital Markets and Oberon Capital were acting as joint brokers and bookrunners on the placing.

The company confirmed it had received EIS advance assurance, and expected to issue shares that would qualify for tax relief under EIS and VCT schemes.

It said the fundraising was expected to close with admission to AIM on 24 July.

Certain directors and major shareholder Harwood Capital were expected to participate, with further details to follow in a separate announcement.

At 1238 BST, shares in Verici Dx were down 39.42% at 0.53p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE