(Alliance News) - Verici Dx PLC shares jumped on Wednesday after it signed an exclusive global licensing agreement with Thermo Fisher Scientific Inc to further develop an assay for pre-transplant prognostic testing for risk of early kidney rejection.
Shares in Verici Dx were up 74% to 10.00 pence each in London on Wednesday morning.
The Cardiff, Wales-based developer of clinical diagnostics for organ transplants said the exclusive licence grants Thermo Fisher the rights to develop an assay for pre-transplant risk assessment for further development as a laboratory developed test in its CLIA laboratory in the US.
This is alongside the sole right, but not the obligation, to manufacture, distribute and sell the assay worldwide.
Verici DX said the deal includes receiving an upfront payment, alongside further payments conditional upon operational deliverables related to technology transfer and related publications.
Verici Dx has also granted Thermo Fisher a non-exclusive license for access to a portion of the its urine samples, which it said demonstrated the additional value in its data and sample assets for research.
It expects around USD5 million over the next 12 months under the above arrangements, with a further payment thereafter, alongside ongoing royalties on tests sold.
"We are incredibly proud of our advancements in transforming potential outcomes for kidney transplant patients. By collaborating with Thermo Fisher, we believe we can accelerate the development of our technology, helping ensure that it reaches those who need it the most," said Chief Executive Officer Sara Barrington.
Thermo Fisher Scientific Transplant Diagnostics President Nicole Brockway commented: "There is a significant need for effective tests that can identify the risk of transplant rejection early to help inform treatment decisions.
"Our hope is that this licensing agreement will allow us to develop a new prognostic assay that will expand and strengthen our portfolio of transplant testing solutions, demonstrating our commitment to enabling clinicians and improving the lives of patients throughout the pre- and post-transplant journey."
By Greg Rosenvinge, Alliance News senior reporter
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