RENX Renalytix Plc

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.

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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.