10th Apr 2025 11:01
(Alliance News) - Verici Dx PLC shares soared on Thursday after the company secured Medicare coverage in the US for its flagship kidney transplant diagnostic test, Tutivia, marking a "key milestone" in the test's commercial rollout.
Shares in Verici Dx were up 61% at 2.21 pence in London on Thursday morning, giving the company a market capitalisation of around GBP5.3 million. They remain down 71% over the past 12 months, however.
The Cardiff, Wales-based developer of advanced clinical diagnostics for organ transplants said Medicare Administrative Contractor Palmetto GBA had issued a positive technical assessment through the molecular diagnostic services program, known as MolDX.
The decision confirms that Tutivia meets the criteria for coverage under Medicare's guidelines for molecular testing related to organ transplant rejection.
Tutivia is a post-transplant blood test that helps detect a patient's risk of acute kidney rejection, including borderline, T cell-mediated, and antibody-mediated rejections.
Verici said the test offers a significant improvement in biomarker diagnostics, particularly during the early post-transplant period when patient management can be complex.
"With this decision, we hope that more patients can benefit from a significant step forward in enhancing diagnostic accuracy and post-transplant patient care," said Chief Executive Officer Sara Barrington. She added that Verici looks forward to "continued success in a commercial setting" following early positive feedback and rising demand.
Verici said Tutivia already has a Medicare code and pricing of USD2,650. In the first quarter of 2025, the company reported a 68% quarter-on-quarter rise in orders, with 292 tests booked, compared with a total of 334 tests across all of 2024. The firm expects further adoption and now has the ability to recognise revenue from the test.
By Eva Castanedo, Alliance News reporter
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