On-Track For 2012 Launch - Analyst Blog
26 Juillet 2012 - 12:26PM
Zacks
On-Track For 2012 Launch
In early May Verisante
(VRSEF/V.VRS) announced
completion of the beta version of Aura, two of which were used by
Starfish Medical, Verisante's development partner, to develop the
commercial version of the device. This morning (7/25/2012)
Verisante announced that they received back from Starfish two
pre-production units which will now go through final testing prior
to commencement of commercial production, which is still expected
to happen by year-end. Verisante also recently released
pictures of the pre-production units (below).
Verisante notes that they are still on track to hit expected
milestones and continues to report that feedback from their
interactions with industry professionals has been overwhelmingly
positive - even noting that a recent anonymous survey conducted at
a meeting of skin specialists indicated strong interest in
Aura. Clarion, Verisante's Canadian distributor also notes
that their preliminary market research is "showing great interest
in Aura."
We continue to remain highly positive on Verisante and Aura and
note that the news flow and progress towards commercialization have
been very encouraging. We continue to model a launch in late
2012 with insignificant revenue in the current year but showing a
steep ramp throughout
2013.
We are maintaining our Outperform rating and $2.60/share price
target.
Aura Pre-Production
Units
Near-to-Mid Term
Milestones (not necessarily in chronological
order)
- Final testing of pro-production units
- Commence commercial production
- Distribution agreements for Europe and
Australia (agreement already in place for Canada with Clarion
Medical Technologies
- Commercialization in Canada, Europe,
Australia
- Publication of 1,000 lesion study in Cancer
Research. The study was already published in the on-line
version of the journal in late March (see below from our last
update on VRS on April 5th)
- Feedback from FDA regarding U.S. regulatory
approval pathway for Aura
- Registration to sell Aura in Mexico and
Brazil
- Completion and data analysis of clinical
study of Core for lung cancer being conducted at the Lung Tumor
Center at Vancouver General Hospital
- Regulatory approval of Core in Europe,
Canada, Australia
Please visit scr.zacks.com to access a free copy of the full
VRS.V research report.
(V.VRS): ETF Research Reports
(VRSEF): ETF Research Reports
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