Veriphi Shareholder Update: 14 June 2017

Auckland Hospital Research Governance Committee Gives Approval. Further to our Shareholder Update on 10 June, I am writing to let you know that the Auckland Hospital Research Governance Committee has given approval for our hospital trial, on 5 oncology drugs, to proceed.  Testing in preparation for the formal trial starts at the hospital tomorrow.

Auckland Hospital Progress.   We anticipate the next two weeks will be big ones for progress at Auckland City Hospital.  The Hospital Research Governance Committee meets on Monday June 12 to give final sign off on the proposed trial. On Thursday June 15, we will conduct blind trails on 5 anaesthetic drugs at the Auckland Hospital Department of Anaesthesia as a dry run for formal trails at the hospital pharmacy. This will be the first time we have tested our new analysers at the hospital. The purpose of the tests will be to confirm there are no issues with transportation or relocation that might impact performance. The following week we meet with the hospital pharmacy team to work through the details required to commence work on the formal pharmacy trial of 5 oncology drugs.

Commercial Progress. In parallel, we are also exploring a number of commercial pharmacy opportunities outside the hospital and have a follow meeting with one of these companies at our premises in the last week of June.

Commercial Development. Product Leasing. This week we  held discussions with a product leasing company who deal in the medical and technical markets. It is likely as we scale up that we will lease the analysers to our customers avoiding the inertia of restrictive hospital capital expenditure budgets. Using a leasing company would enable Veriphi to receive immediate payment up front, from the leasing company, improving our cash flow.