Verici granted 'fundamental' codes for tests in US market

Organ transplant diagnostics company Verici Dx has been granted ‘CPT’ proprietary laboratory analyses (PLA) codes for both its ‘Clarava’ and ‘Tuteva’ tests by the American Medical Association (AMA), it announced on Tuesday.

The AIM-traded firm said the new codes were approved and published by the AMA Editorial Panel, and were scheduled to become effective on 1 April.

It explained that reimbursement in the United States medical market consisted of three components - code, price and coverage.

The company said CPT codes offered healthcare professionals a uniform language for coding medical services and procedures, with the CPT PLA code allowing laboratories to more specifically identify their tests when billing Medicare and commercial insurers.

Verici said the successful granting of a CPT code marked the first step on the path for commercial reimbursement.

“We were delighted with the AMA's decision, as CPT codes are fundamental in the commercialisation of our lead products,” said executive vice-president of product development Patti Connolly.

At 1348 GMT, shares in Verici Dx were up 9.05% at 57.8p.