Shares in Renalytix PLC (AIM:RENX) jumped almost 30% on Friday after the diagnostics firm revealed a draft Medicare determination for its kidney function tests.
The Centers for Medicare and Medicaid Services published the draft local coverage determination on Thursday, Renalytix said, relating to the use of its tests for those on the US state-funded medical insurance programme.
This established the price of Renlytix’s KidneyIntelX and kidneyintelX.dkd tests at US$950 each and specified that their use for patients with diagnosed type two diabetes and stage one to three chronic kidney disease was reasonable and necessary.
Renalytix added it believed there was “a strong basis” for a final determination for the tests to be classed as necessary for Medicare beneficiaries, which is expected this year.
Shares climbed 27.6% to 13.08p.