Veriphi Shareholder Update: 24 April 2017

Cash Flow and Investment:

  • R & D Tax Loss Credit– In 10 days we will receive a $48k refund from the IRD, as a credit for our R&D tax losses.
  • Grant Claim – We have made our first claim for our Callaghan Innovation Growth Grant, for $32k.
  • Pro rata Investment – Indicative investment from shareholders to exercise their pro rata entitlements, on the basis of Bright Sky Investments loan conversion, currently stands at $26K.
  • Share Sale – A shareholder has expressed interest in selling some of their shares at the $2.75 price. If any shareholders are interested in purchasing more shares, can you please respond to me by return email.
  • Further Capital Raising We have commenced preparation for the next round of capital raising. The company is seeking NZ$5m, to fully commercialise its solution. As part of this activity we have produced a Veriphi Investor Summary document and have and upgraded and updated the Veriphi website, with the latest company information. A new investor video is also being produced (the video is part of a prize Veriphi won at the 2016 Healthtech Innovation and Investment Workshop).

 Commercial Progress

  • ACH Research Committee – Auckland City Hospital Clinical Support Services Director Ian Costello plans to submit our research proposal to the ACH Research committee this week, in preparation for their next meeting.
  • Commercial Approaches – This week we will be meeting with two companies involved in the supply of IV medication to local hospitals, one a distributor and the other a local compounder of drugs. The purpose of the meeting is to explore potential commercial opportunities with IV pharmaceutical suppliers.

Technical. Time Reduction -The technical team believe they have identified a pathway for further test time reduction, down to 5 seconds, within the next 6 months.

Other. Veriphi Relocation – The Veriphi team will move to a new larger office on Devonport Wharf office this week.