Renalytix Plc (RNLX) saw a push of 5.6% in the aftermarket. However, the last trading session closed at $24.98 with a decline of 8.83%.
Full Year Fiscal 2021 Results
RNLX reported full-year fiscal 2021 results on 21 October 2021. The company showed the following progress according to the report:
- In order to prepare for wider commercialization, the company has filled senior leadership positions.
- Achieved dual listing on Nasdaq Global Market and related gross equity fundraising of $85.1 million.
- Moreover, at the end of June 2021, the company had $65.1 million in cash and equivalents.
- Data from the CANVAS experiment was presented at the American Diabetes Association (ADA) Annual Scientific Meeting, revealing that KidneyIntelX may be used to track treatment response and improvements in kidney function in persons with type 2 diabetes over time.
- The American Journal of Nephrology approved a peer-reviewed manuscript presenting the aforementioned findings.
RNLX Launches KidneyIntelX
On 7th October 2021, RNLX announced that the company is expanding its commercial approach to serve early-stage renal disease in the Veterans Health Administration patient pool. To support KidneyIntelXTM expansion to the VA Health System, Mr. Fulk is building and directing a team that will expand to 42 regional sales managers and account executives by 2022. Furthermore, the Veterans Health Administration is the nation’s biggest comprehensive healthcare system. It has 1,293 sites, including 171 medical centers and 1,112 outpatient locations of varying degrees of complexity (VHA outpatient clinics), servicing nine million registered Veterans each year. Lastly, the Veteran community has a one-third greater prevalence of chronic kidney disease (CKD) and diabetic kidney disease (DKD) than the general public.
Appointment of Daniel J. Levangie
On 30th August 2021, RNLX announced the appointment of Daniel J. Levangie to the Board of Directors. Daniel will help the company as they actually implement their KidneyIntelX national marketing plan. The plan will be implemented to over 200,000 primary care doctors treating an estimated 12 million diabetic kidney disease patients. In addition, Dan has established a benchmark for broad-scale uptake of transformative diagnostic tools in cancer. Lastly, being a part of the marketing strategy’s early commercial scale-up and execution will be a significant step forward for the firm.
