N+1 Singer are delighted to announce the successful IPO of Verici Dx plc on AIM today, raising gross proceeds of £14.5 million. The Fundraise was significantly oversubscribed across all components, including a Placing (approx. £12.06 million), a Subscription (approx. £2.06 million) and a Restricted Offer (approx. £0.38 million).
There was an an enlarged Share Capital on Admission of 141,747,816 Ordinary Shares. The 72,500,000 New Ordinary Shares represent 51.2% of the Enlarged Share Capital.
The net proceeds of the Fundraising of approximately £13.5 million will be used by the Company as follows:
• to undertake clinical utility and validation studies for its Clarava™ and Tuteva™ products, which are expected to begin in late 2020;
• on bioinformatics and health economic studies;
• on staff costs and related benefits;
• for general corporate overheads, including marketing and business development and for general working capital purposes; and
• on licence fees and royalties and capital expenditure (including to build additional testing capacity) and resourcing potential strategic partnerships.
The balance, being approximately £4.2 million, will be available as a contingency against delays in revenue or increased costs and providing additional working capital beyond the 21 month period following Admission.
Sara Barrington, CEO of Verici Dx plc, commented:
“We are very grateful for the strong support shown by institutional and other investors to the Verici Dx IPO. Obtaining funding in a public market is a strong signal of quality to prospective partners and customers, raises the profile of the business and its innovative products considerably, and gives us a supportive platform as we advance our strategy. We look forward to providing further updates on the execution of our validation and commercialisation plans as we deploy the capital raised towards addressing a significant unmet clinical need.”
N+1 Singer acted as Sole Bookrunner in relation to the Placing and is acting as the Company’s Nominated Adviser and Broker.
About Verici Dx plc
Verici Dx plc is an immuno-diagnostics development company, initially focussed on the kidney transplantation market. The Company’s kidney transplant assays will use advanced next-generation sequencing that may define a personalised risk profile of each patient over the course of their transplant journey, and may also detect injury in advance of currently available clinical tests.
The Company develops tests to understand how a patient is likely to, and may be, responding to kidney transplant. There are two leading products for clinical validation and commercialisation:
- Clarava™, which is a pre-transplant prognosis for the risk of early acute rejection; and
- Tuteva™, a post-transplant diagnostic focused upon acute cellular rejection, including sub-clinical rejection not being diagnosed through the current standard of care of rising serum creatinine levels.
Market Cap: £28.35 million*
Website: Click here
*As at 03/11/2020
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