The Renalytix PLC (LON: RENX) share price surged 8.34% after announcing that its kidneyintelX.dkd™ testing would now be available in Bahrain, Saudi Arabia, Kuwait, Qatar, United Arab Emirates, and Oman through its distribution agreement with Vector Pharma.
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The company noted that after the FDA gave kidneyintelX.dkd marketing authorisation, the company decided to take advantage of select opportunities to expand testing services outside the US market with qualified distribution partners.
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The International Diabetes Federation (IDF) estimates that there are high prevalence rates of diabetes in the six Gulf Cooperation Council (GCC) markets, with over 20% of the population being diabetic and over 15% being pre-diabetic in most GCC countries.
The above are among the highest reported incidence rates for diabetes globally. Chronic kidney disease (CKD) is a massive complication of type 2 diabetes (T2D) in the GCC region. An estimated 58% of individuals with T2D develop CKD, which increases the risk of heart failure and myocardial infarction.
Vector Pharma has an established distribution network and market accessibility with a robust GCC footprint. Therefore, the deal with the company will first focus on building awareness of and driving the adoption of the test to achieve specific annual sales targets by territory for kidneyintelX.dkd.
Tom McLain, Renalytix’s President, said: “As in the United States, patient care for early-stage diabetes and kidney disease is in the hands of primary care clinicians. Traditional laboratory distributors do not call on primary care practices. Our partnership with Vector Pharma, a pharmaceutical distributor with proven access and contacts in primary care, will accelerate efforts to introduce kidneyintelX.dkd and expand test adoption.”
Patrick Jordan, Vector Pharma’s CEO, commented: “When you consider the markets in the Middle East are experiencing high rates of T2D and CKD, diabetic kidney disease management has become a core tenet of many Ministries of Health in the GCC. Being able to introduce kidneyintelX.dkd™ to complement the current care protocols will not only benefit the management of individual patients, but it will also address significant objectives to improve chronic disease diagnosis and treatment for the healthcare ecosystem as a whole.”
*This is not investment advice.
Renalytix share price.
The Renalytix share price rallied 8.34% to trade at 130.011p, rising from Thursday’s closing price of 120.000p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.