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RenalytixAI Seeks Nasdaq Dual Listing and Global Offering

NEW YORK ─ RenalytixAI on Thursday said it has proposed a dual listing on the Nasdaq in a registration statement with the US Securities and Exchange Commission.

New York-based RenalytixAI is also planning a public offering of its American Depositary Shares (ADS), each of which will represent one or a number of its ordinary shares in the US, and it is proposing a concurrent private placement of its ordinary shares in Europe and other countries outside of the US as part of a global offering.

RenalytixAI, a company that provides artificial intelligence-enabled diagnostic tests for kidney disease, will offer all ADSs and ordinary shares to be sold in the global offering. The number of ordinary shares to be represented by each ADS, the number of ADSs and ordinary shares to be offered, and the price range for the proposed global offering have not yet been determined.

RenalytixAI has applied to have its ADSs listed on Nasdaq under the symbol RNLX. Upon completion of the global offering, RenalytixAI's ordinary shares will continue to be admitted to trading on the AIM market of the London Stock Exchange under the symbol RENX, the firm said.

JP Morgan and Stifel are acting as joint global coordinators and joint book-running managers for the global offering.

RenalytixAI said in its filing with the SEC that the principal purpose of the offering is to obtain additional capital to support its operations, to create a public market for its ADSs in the US, and to facilitate future access to US public equity markets. It anticipates using the proceeds from the offering for the continued development and planned commercialization of its KidneyIntelX platform, and the remainder for working capital and other general corporate purposes. It may also use a portion of the proceeds to in-license, acquire, or invest in additional businesses, technologies, products, or assets.

RenalytixAI is focused on optimizing clinical management of kidney disease. KidneyIntelX employs a proprietary artificial intelligence-enabled algorithm that combines diverse data inputs, including validated blood-based biomarkers, inherited genetics, and personalized patient data from electronic health record systems to generate a unique patient risk score. The risk score enables the prediction of progressive kidney function decline in chronic kidney disease, allowing physicians and healthcare systems to optimize the allocation of treatments and clinical resources to patients at highest risk, the firm said.

For the nine months ended March 31, the firm posted a net loss of $6.9 million. On March 31, the company had cash, cash equivalents, and short-term investments of $17.8 million.

James McCullough is the firm's CEO, Fergus Fleming is its CTO, Thomas McLain is its president and CCO, O. James Sterling is its CFO, and Michael Donovan is its CMO.

The company has partnered with Mount Sinai Health System to launch a clinical study to analyze biomarkers that may predict major adverse kidney events in patients hospitalized with COVID-19. The firm believes that the multi-part stratification study will help advance the commercialization of its KidneyIntelX blood-based assay.

RenalytixAI also announced earlier this month that it has received a clinical laboratory permit from the New York State Department of Health allowing the company to provide its KidneyIntelX test to residents of the state.