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Venaxis' APPY1 Test Passes Futility Analysis in Pivotal Clinical Study
Date:7/15/2013

on our commercial milestones in Europe, where we are preparing to initiate economic outcomes studies at leading hospitals.  Importantly, with our recent financing, we have sufficient capital to achieve major regulatory and commercial milestones.  While we remain prudent with the use of cash, we see no financial obstacles to reaching these significant value inflection points."

Venaxis strengthened its financial position with an additional $14.4 million in gross proceeds from a May public offering led by Piper Jaffray & Company.  The Company currently estimates cash, cash equivalents, and short-term investments to be approximately $20 million at the close of the second quarter 2013, which will be reflected in the Company's Form 10-Q to be filed in the coming weeks.  

Don Hurd, Senior Vice President and Chief Commercial Officer of Venaxis, stated, "We remain on track for a full-scale European launch for the APPY1 Test beginning in the fourth quarter of this year.  We currently have four market development agreements in place and we are in the final process of selecting partners in additional target countries, including Germany, the UK, and France.  In terms of our existing partner agreements, we are initiating and expect to complete several outcome studies by the end of the third quarter 2013 and anticipate leveraging robust data from those studies to demonstrate objectively the clinical and economic value of using the APPY1 Test in the hospital emergency room. We remain focused on laying a solid foundation as we continue onto full-scale commercialization of APPY1 in Europe and advance to commercialization in the United States."

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SOURCE Venaxis, Inc.
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