Renalytix AI PLC (RNLX) stock prices are up a very significant 17.76% during trading hours on April 22nd, 2021, bringing the price per share up to a healthy USD$29.70.
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RNLX Granted 10 Year Contract
This development came hot on the heels of the announcement that the company had been granted a 10-year contract by the United States government. The Government-wide Acquisition Contract (GWAC) will have RNLX provide early-stage kidney disease bioprognostic testing services to KidneyIntelX. With coverage of laboratory testing services with the potential to be provided through a surplus of 140 U.S. government departments, agencies, and affiliates, RNLX was offered the contract through the General Services Administration (GSA).
Details of Government Contract
The contract came into effect as of April 15th, 2021 with a 5-year initial term, and the option for a sequential 5-year extension. The contract is structured as an Indefinite Delivery, Indefinite Quantity (IDIQ) contract which means it will be providing an unlimited number of serves over the contract period. As per the GWAC, KidneyIntelX pricing is fixed at USD$950 per reportable results.
Scope of KidneyIntelX
WithKidneyIntelX testing now available through the Federal Supply Schedule, independent healthcare professionals who operate within government sponsored healthcare programs have the option to order KidneyIntelX testing for patients with kidney disease associated with diabetes. The contract has made structuring service agreements with VA facilities, military installations, and tribal nations more accessible.
Impact of the GWAC
Furthermore, the contract facilitates future contracting with the VA’s regional healthcare networks (Veterans Integrated Service Networks) to provide KidneyIntelX testing for qualifying patients. Vouching for the importance of KidneyIntelX testing, the process associated with being granted a GSA contract is particularly thorough, with the initial requirement of the submission of an application. A rigorous review is then conducted against pre-determined criteria, which include the status of the provider, the quality and reliability of the service being provided, as well as the degree of need for the relevant testing service.
Secure Future for RNLX
The granting of the 10-year GWAC gives RNLX the comfort of being tenured for a minimum of at least 5 years by an entity as resourceful as the U.S. government. This has instilled great confidence in current investors in RNLX stock and has driven many prospective investors to hop on the bandwagon, as indicated by the recent soaring of RNLX stock prices.