Mount Sinai Technology Spinout RenalytixAI Completes Initial Public Offering, Raising $29 Million to Combat Kidney Disease
Mount Sinai Health System announced today that RenalytixAI PLC, a Mount Sinai exclusive licensee and development collaborator, had completed a public listing that valued the company at $85 million on the London Stock Exchange’s Alternative Investment Market. The public listing raised $29 million from a syndicate of health care institutional and industry investors, with participation from Mount Sinai.
RenalytixAI was formed to validate and commercialize artificial intelligence (AI)-enabled clinical diagnostic solutions for early detection of kidney disease and transplant management. The proceeds of this stock sale will be used in part to complete a multi-center clinical study anchored by Mount Sinai to validate KidneyIntelXTM for commercial launch in 2019. KidneyIntelX will focus on the early detection of kidney disease in patients who have type 2 diabetes or who are of African ancestry, two of the major population segments at risk for kidney disease throughout the United States.
Kidney disease is a public health crisis affecting an estimated 12 percent (or 120 million) of the U.S. and European populations, 90 percent of those affected are unaware they are at risk. The collaboration will leverage Mount Sinai assets, including world-renowned clinical expertise in nephrology, and access to the de-identified clinical data of 46,000 patient records in Mount Sinai’s BioMeTM BioBank repository and more than 3 million electronic health records in the Health System’s data warehouse.
In May 2018, Mount Sinai Health System and RenalytixAI finalized an initial collaboration for product development and intended translation to the clinic beginning in 2019.
RenalytixAI plans to develop a series of AI-enabled applications by mining a deep, unique pool of kidney disease-related data from diverse sources, including de-identified electronic health records, predictive blood-based biomarkers, and genomic information.
“RenalytixAI can now bring the clinical and financial resources together to drive advanced diagnostic development to combat the costs and management of kidney disease,” said James McCullough, Chief Executive Officer of RenalytixAI. “We are grateful to our investors and medical collaborators for this opportunity.”
“We are beginning with two products to determine who is at high risk for progression to kidney disease and dialysis, and what type of risk will be experienced by kidney transplant patients,” said Barbara Murphy, MD, Chair of the Samuel Bronfman Department of Medicine, Dean for Clinical Integration and Population Health at the Icahn School of Medicine at Mount Sinai, Board Member and Chair of the Scientific Advisory Board of RenalytixAI. “Kidney disease represents a major management issue from a population health perspective at Mount Sinai and other major medical centers, and these products will help us take on that challenge.”
“We’re thrilled to partner with RenalytixAI to develop much-needed prognostics and diagnostics that address the critical, unmet need of patients with high-risk of kidney disease,” said Erik Lium, PhD, Executive Vice President of Mount Sinai Innovation Partners. “Mount Sinai’s strengths in research, coupled with our robust clinical setting and valuable market perspective from RenalytixAI, will advance these solutions to the clinic.”
About Mount Sinai Innovation Partners
MSIP is responsible for driving the real-world application and commercialization of Mount Sinai discoveries and inventions, and the development of research partnerships with industry. Our aim is to translate discoveries and inventions into health care products and services that benefit patients and society. MSIP is accountable for the full spectrum of commercialization activities required to bring Mount Sinai inventions to life. These activities include evaluating, patenting, marketing and licensing new technologies building research, collaborations and partnerships with commercial and nonprofit entities, material transfer and confidentiality, coaching innovators to advance commercially-relevant translational discoveries, and actively fostering an ecosystem of entrepreneurship within the Mount Sinai research and health system communities. For more information, visit www.ip.mountsinai.org.
RenalytixAI is a developer of AI-enabled clinical diagnostic solutions for kidney disease, one of the most common and costly chronic medical conditions globally. RenalytixAI’s solutions are being designed to make significant improvements in kidney disease risk assessment, clinical care, patient stratification for drug clinical trials, and drug target discovery.
RenalytixAI’s technology platform will draw from distinct sources of patient data, including systems containing extensive electronic health records, predictive blood-based biomarkers and other genomic information for analysis by high-performance, learning computer algorithms (machine learning).
About Kidney Disease
The International Society of Nephrology estimates that over 850 million people worldwide have some form of kidney disease, approximately twice that of diabetes (422 million) and 20 times more than cancer. By this estimate, kidney disease affects 10.4% of men and 11.8% of women worldwide.
In the US, chronic kidney disease affects over 40 million adults and kills more people than breast or prostate cancer. The co-occurrence of diabetes and cardiovascular disease multiplies a patient’s risk of death. Commonly referred to as a “silent disease” it is often asymptomatic until approximately 70% to 80% of kidney function has been lost. As a result, CKD is associated with significant morbidity, mortality and healthcare costs.
It is estimated that a third of adults in the US are at risk of kidney disease. This risk is greatest for those suffering from diabetes, high blood pressure, heart disease and obesity. Studies have also shown that ethnicity is a determining factor, with African Americans and Hispanic populations deemed most at risk. Americans of African ancestry are three times more likely to be afflicted by kidney disease than Caucasians, whilst those with Hispanic ancestry are almost 1.3 times more likely to be diagnosed with kidney failure compared to non-Hispanics.
About the Mount Sinai Health System
The Mount Sinai Health System is New York City's largest integrated delivery system, encompassing eight hospitals, a leading medical school, and a vast network of ambulatory practices throughout the greater New York region. Mount Sinai's vision is to produce the safest care, the highest quality, the highest satisfaction, the best access and the best value of any health system in the nation. The Health System includes approximately 7,480 primary and specialty care physicians; 11 joint-venture ambulatory surgery centers; more than 410 ambulatory practices throughout the five boroughs of New York City, Westchester, Long Island, and Florida; and 31 affiliated community health centers. The Icahn School of Medicine is one of three medical schools that have earned distinction by multiple indicators: ranked in the top 20 by U.S. News & World Report's "Best Medical Schools", aligned with a U.S. News & World Report's "Honor Roll" Hospital, No. 12 in the nation for National Institutes of Health funding, and among the top 10 most innovative research institutions as ranked by the journal Nature in its Nature Innovation Index. This reflects a special level of excellence in education, clinical practice, and research. The Mount Sinai Hospital is ranked No. 14 on U.S. News & World Report's "Honor Roll" of top U.S. hospitals; it is one of the nation's top 20 hospitals in Cardiology/Heart Surgery, Diabetes/Endocrinology, Gastroenterology/GI Surgery, Geriatrics, Gynecology, Nephrology, Neurology/Neurosurgery, and Orthopedics in the 2019-2020 "Best Hospitals" issue. Mount Sinai's Kravis Children's Hospital also is ranked nationally in five out of ten pediatric specialties by U.S. News & World Report. The New York Eye and Ear Infirmary of Mount Sinai is ranked 12th nationally for Ophthalmology and the South Nassau Communities Hospital is ranked 35th nationally for Urology. Mount Sinai Beth Israel, Mount Sinai St. Luke's, Mount Sinai West, and South Nassau Communities Hospital are ranked regionally.