Mount Sinai AI kidney disease startup raises $29M in IPO
A Mount Sinai Health System startup commercializing artificial intelligence solutions for kidney disease and transplant management raised $29 million in an initial public offering.
“RenalytixAI can now bring the clinical and financial resources together to drive advanced diagnostic development to combat the costs and management of kidney disease,” says James McCullough, CEO of RenalytixAI, a Mount Sinai exclusive licensee and development collaborator. “We are grateful to our investors and medical collaborators for this opportunity.”
Proceeds from the stock sale for RenalytixAI will be used in part to complete a multi-center clinical study to validate KidneyIntelX, which focuses on the early detection of kidney disease in patients who have Type 2 diabetes or who are of African ancestry.
Approximately 1 million of Mount Sinai’s patients are either diagnosed with Type 2 diabetes or are of African ancestry—two of the major at-risk population segments for kidney disease.
“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,” says Erik Lium, executive vice president of Mount Sinai Innovation Partners, which is responsible for the commercialization of the health system’s inventions. “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.”
Under an exclusive multi-year license and collaboration, Mount Sinai and RenalytixAI anticipate that the first commercial launch of its products will occur in 2019.
“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,” says Barbara Murphy, MD, chair of the Samuel Bronfman Department of Medicine, dean for clinical integration and population health at Mount Sinai’s Icahn School of Medicine, as well as board member and chair of the scientific advisory board at 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.”
The company’s AI technology will leverage Mount Sinai’s data warehouse, containing more than 3 million electronic health records and 46,000 patient records in a biobank repository, as well as de-identified clinical data, to create an advanced learning system to monitor and flag patients at risk for kidney disease.
“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,” according to Mount Sinai.