Verici Dx’s new scalable commercial testing facility in Franklin, Tennessee has earned a CLIA Certification for Registration by CMS that provides a permit to begin clinical testing. This award is in line with the accelerated CLIA approval strategy announced in February. It is an important milestone that brings forward expectations of a CPT code to be awarded in Q1 2022 (vs. Q2 2022) and removes a key regulatory barrier that was required to facilitate the commercial launch in 2022 of its two flagship kidney transplantation diagnostic products, Clarava and Tuteva. Validation study data to support the launch of both products continues to be expected to be published in early 2022. Consequently, on meeting this milestone we increase our probability of success from 50% to 55%, implying an intrinsic value range of 58-87p per share (discount rate 12-10%, respectively).
