NEW YORK (GenomeWeb) — UK diagnostics firm RenalytixAI said on Thursday that it raised roughly $29 million earlier in the month to support the launch of its kidney disease test KidneyIntelX next year.
In early November, Renalytix announced it had floated its shares on the London Stock Exchange after raising approximately £22.3 million ($28.7 million) through a stock placement, US subscription, and restricted offer to shareholders of its parent firm, EKF Diagnostics.
The company said yesterday that the funding will help support the planned 2019 launch of KidneyIntelX, an artificial intelligence-based platform that analyzes electronic health records, predictive blood-based biomarkers, and other genomic information to aid in the identification, prediction, and risk stratification of progressive kidney disease patients. Renalytix is developing and commercializing the test with Mount Sinai Health System, and plans to submit it to the US Food and Drug Administration.
"RenalytixAI now has the financial resources to drive advanced diagnostic development to improve the management and cost of kidney disease," RenalytixAI CEO James McCullough said in a statement.