StockMarketWire.com - Kidney disease diagnostics group Renalytix AI posted a first-half loss as it continued to develop its flagship device.

Pre-tax losses for the six months through June amounted to $6.5m, compared to losses of $0.4m posted from its inception through June, 2018.

In May, the company was granted breakthrough device designation by the FDA for its artificial intelligence clinical diagnostic product for identification of fast-progressing kidney disease.

The company listed in November via an IPO that raised around $27m.

At 30 June, its cash on hand was $9.3m, prior to a 23 July financing that raised $16.6m.

'We are pleased with the rate of progress made since IPO and are confident that we will continue to deliver key operational milestones in accordance with our plans,' chief executive Julian Baines said.

'Our immediate strategy remains focused on incremental product development, expanding involvement from world leading clinicians, regulatory authority engagement, and building pathways to insurance payer reimbursement in the US.

'Our lead in vitro diagnostic programme for detection of fast-progressing kidney disease, KidneyIntelX, is currently under FDA regulatory review and has the potential to address one of the largest unmet medical needs globally, estimated to affect over 850m people.'

At 2:31pm: [LON:RENX] share price was 0p at 242p



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