GCIVerici sign ground-breaking global licensing deal with Thermo Fisher Scientific
In Nov’23, expert organ transplant diagnostics firm (with a a market cap of £16m) signed a ground breaking global licensing deal with US listed Thermo Fisher Scientific ($215bn market cap) to exclusively develop an assay for pre-transplant kidney testing.
Thermo Fisher's assay is to be based directly on Verici's patented Clarava blood test that allows doctors to identify those pre-graft patients most likely to require increased post-operation monitoring - including adjustments to the type, dose & duration of immunosuppressants.
Elsewhere, the agreement also granted Thermo Fisher Scientific the sole right (but not obligation) to manufacture, distribute & sell the prognostic worldwide. Alongside providing it with access to a portion of Verici’s proprietary urine samples – further highlighting the value stored within its treasure trove of research assets.
In return Verici received an upfront fee, augmented by staged payments dependent on operational deliverables including tech transfer & publications. Which in aggregate and assuming things go to plan, should equate to c.$5m by Nov24 with further instalments & ongoing royalties thereafter.
Today Verici said it had “completed successful transfer of a portion of the urine samples” and “full payment had been received”, meaning this, alongside the Jan’24 $6.5m fund raise, should extend the group's cash run-way into 2026.
CEO Sara Barrington adding: "We are delighted to announce the successful completion of this transfer, within the agreed timeline. This achievement not only highlights our commitment to delivering on our agreements, but also underscores the substantial value inherent in Verici's data and sample assets for research purposes."
Looking ahead, Singer Capital Markets have a target price of 20p/share and are forecasting sales to jump to $7.5m and $13.0m this year and next (vs $1.0m LY), with Verici also becoming profitable in 2025 ($1.3m EBITDA).
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