Renalytix, a U.K.-based diagnostics group, saw a surge in their shares on Friday following the announcement of a distribution agreement with Vector Pharma for their kidneyintelX.dkd prognostic test for diabetic kidney disease. At 0724 GMT, shares were up by 10% at 132.5 pence, marking a 12.5 pence increase.
This distribution agreement will enable Renalytix to address early kidney disease in the Middle East. The region has one of the highest incidence rates for type 2 diabetes in the world. By partnering with Vector Pharma, Renalytix gains access to established distribution channels and a strong presence in Saudi Arabia, Bahrain, Qatar, Oman, Kuwait, and the UAE.
The initial focus of Vector Pharma will be to create awareness about the kidneyintelX.dkd test. Subsequently, they will work towards driving adoption of the test, aiming to achieve specified annual sales targets by territory.
Renalytix expressed excitement about their partnership with Vector Pharma, highlighting their expertise in pharmaceutical distribution and extensive network in primary care. They believe that this partnership will accelerate efforts to introduce kidneyintelX.dkd and expand its adoption as a crucial diagnostic tool.