27th Oct 2020 11:13
(Alliance News) - Renalytix AI PLC on Tuesday said a significantly widened loss for financial 2020 reflected its continued investment in key development, regulatory and commercialisation activities for its in vitro diagnostic solution KidneyIntelX.
Renalytix works with partners to develop artificial intelligence based diagnostics solutions to help treat kidney disease.
Shares in the clinical diagnostics company were trading 1.7% higher at 468.00 pence each on Tuesday morning in London.
For the twelve months ended June 30, Renalytix posted a pretax loss of USD10.6 million, considerably widened from USD7.1 million the year prior. This was as administrative expenses rose 56% to USD11.1 million from USD7.1 million. No revenue was recorded in either year.
Since the end of June, the Cardiff, Wales-based company commercially launched KidneyIntelX within the Mount Sinai Health System and was approved to offer KidneyIntelX testing in all 50 US states. It also submitted a final package to the US Food & Drug Administration seeking regulatory clearance of KidneyIntelX.
Looking ahead, Chief Executive James McCullough said: "In calendar 2021, we remain focused on increasing reimbursement coverage, expanding strategic partnerships, FDA regulatory events, additional health system partnerships and growing our testing volumes for KidneyIntelX."
As at June 30, Renalytix had cash of USD13.3 million, up 82% from USD7.3 million a year prior,
By Ife Taiwo; [email protected]
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