NEW YORK ─ Renalytix AI on Thursday announced that the US government has granted it a 10-year Governmentwide Acquisition Contract (GWAC) that enables testing services using its KidneyIntelX early-stage kidney disease test.
Shares of the UK-based firm rose more than 20 percent on the announcement to $30.33 in Thursday afternoon trading on the Nasdaq.
The contract, offered through the General Services Administration (GSA), an independent agency of the US government, covers laboratory testing services that can be provided by more than 140 US government departments, agencies, and affiliates, Renalytix AI said.
The organizations include the US Veterans Administration (VA); Department of Defense (DoD) Army, Navy, Air Force, and Marines; and Indian Health Services.
Under the government contract, KidneyIntelX pricing is $950 per reportable result. Physicians operating within government-sponsored healthcare programs can order testing for their patients with diabetic kidney disease.
The contract, which became effective on April 15, has a five-year term with a five-year extension option, and is structured to enable an unlimited quantity of services over the contract term, Renalytix AI said.
KidneyIntelX uses an artificial intelligence-enabled algorithm to combine diverse data inputs ─ including validated blood-based biomarkers, inherited genetics, and personalized patient data from electronic health records ─ to generate a patient risk score that enables prediction of progressive kidney function decline in chronic kidney disease.
"Executing on our market access strategy represents a substantial commercial opportunity for RenalytixAI," the firm's President Tom McLain said in a statement.