Introduction. As good technical progress continues, the main focus for the business is capital raising and expediting first revenues. There is a dearth of Series A funders for businesses like Veriphi, however we are making headway. In addition, our expenses and cash burn are below forecast, therefore extending our cash runway.
- Commercial Approaches – In parallel to our hospital approaches we are accelerating approaches to potential local commercial partners in the pharmaceutical area, with the objective of securing revenue at the earliest opportunity. These approaches, although in their early stages have been very well received and we are following up with one party in particular as a potential customer and investor. I will provide further detail once we have made more progress.
- Commercial Development. As we continue to work on improving analyser performance, increasing time and energy is going into issues surrounding commercial release, including consumable production (tooling nearly complete), packaging and sterilisation (talking to parties referred to us by F&P H), compliance for local standards (in discussion with local contractors), user electronic interface (working on industrial/graphic design) and analyser enclosure (design upgrade in progress).
ACH Research Committee – The Veriphi research proposal was submitted to the ACH Research Committee this week. It will now go before the Research Governance Committee on Monday. Hopefully this last step in official approval process. We have been surprised how long the approval process has taken.
ACH TIKI Tour. A mini expo ,held for 8 companies at ACH last month, was very worthwhile for us , with exposure to a range of senior clinicians including Margaret Wilsher the Chief Medical Officer of the ADHB. Those we spoke to were impressed with our technology and a number were keen to collaborate.
Summary. In summary we are making good progress on commercial and funding fronts and are working hard to achieve our goals in both these areas in the required time.