Renalytix
plc
("Renalytix" or the
"Company")
Nasdaq Grants Listing
Extension
Renalytix's American
Depositary Shares ("ADSs") will continue trading on the Nasdaq
Capital Market effective at the open of trading on August 27,
2024
LONDON and NEW YORK, 27 August 2024 - Renalytix plc (NASDAQ: RNLX) (LSE: RENX), an artificial
intelligence-enabled in vitro diagnostics company, focused on
optimizing clinical management of kidney disease to drive improved
patient outcomes and advance value-based care, provides the following update in respect of its Nasdaq listing
status.
As previously announced on June 27,
2024, the Company disclosed that it had formally submitted an
appeals hearing request to the Nasdaq Hearings Panel (the
"Panel"), which request stayed the suspension of the Company's
securities pending the Panel's decision regarding the continued
listing status of Renalytix's American Depositary Shares ("ADSs")
on The Nasdaq Global Market under the symbol "RNLX". The
appeals hearing on this matter was held on July 30, 2024. Following
a review of the Company's operating and financing plans, on August
23, 2024 the Panel responded with their decision to grant the
Company additional time to regain compliance.
The Panel considered all information
provided and granted the Company's request for an exception through
October 25, 2024, at which time the Company must evidence
compliance with a closing bid price of $1 or more per share, file
public disclosure describing transactions undertaken by Renalytix
to achieve compliance, and provide the Panel with income
projections for the next 12 months. The Panel also agreed that the
Company is better suited for The Nasdaq Capital Market at this
time. With that and the Panel's decision to grant the exception,
the Company's ADSs will transfer to the Nasdaq Capital Market
effective at the open of trading on August 27, 2024.
As a reminder, the Company confirms
that it is in advanced discussions with key stakeholders of the
business, who have indicated their support for management to
achieve the Company's goals of the refreshed business plan, with
focused expenditure and investment alongside reduced operating
costs, and a suitable capital structure and funding. The Company
will continue to assess options to maximise value for its
shareholders and further updates will be made as
appropriate.
Having achieved significant
milestones for the business, including FDA approval for
KidneyIntelX, and a final Medicare coverage determination for the
Company's kidneyintelX.dkd testing with an established price of
$950 per test, Renalytix has made positive progress operationally
this year in addition to the financings completed earlier in 2024.
The Company believes that the total addressable market opportunity
for KidneyIntelX provides potential for significant growth in
revenues over the next 3 years, subject to funding and continued
development of commercial partnerships.
Subsequent to the financings that
were successfully completed earlier in 2024, the Company has cash
runway extending into calendar Q4 2024, with an unaudited cash
position of $4.7m as at 30 June 2024.
This announcement contains
inside information under the UK Market Abuse Regulation. The person
responsible for arranging for the release of this announcement on
behalf of the Company is James McCullough, CEO.
For further information,
please contact:
Renalytix plc
|
www.renalytix.com
|
James McCullough, CEO
|
Via Walbrook
PR
|
|
|
Stifel (Nominated Adviser and Joint Broker)
|
Tel: 020 7710
7600
|
Nicholas Moore / Nick Harland / Ben
Good
|
|
|
|
Oberon Capital (Joint Broker)
|
Tel: 020 3179
5300
|
Mike Seabrook / Nick
Lovering
|
|
Investec Bank plc (Joint Broker)
|
Tel: 020 7597
4000
|
Gary Clarence / Shalin
Bhamra
|
|
|
|
Walbrook PR Limited
|
Tel: 020 7933
8780 or renalytix@walbrookpr.com
|
Paul McManus / Alice Woodings /
Charlotte Edgar
|
Mob: 07980
541 893 / 07407 804 654 / 07884 664 686
|
|
|
CapComm Partners
|
|
Peter DeNardo
|
Tel:
415-389-6400 or investors@renalytix.com
|
About Renalytix
Renalytix (NASDAQ: RNLX) (LSE: RENX)
is an in-vitro diagnostics and laboratory services company that is
the global founder and leader in the new field of bioprognosis™ for
kidney health. The leadership team, with a combined 200+ years of
healthcare and in-vitro diagnostic experience, has designed its
KidneyIntelX laboratory developed test to enable risk assessment
for rapid progressive decline in kidney function in adult patients
with T2D and early CKD (stages 1-3). We believe that by
understanding how disease will progress, patients and providers can
take action early to improve outcomes and reduce overall health
system costs. For more information, visit www.renalytix.com.