REG - Renalytix PLC - Nasdaq Grants Listing Extension

RenalytixAnnouncement

27/08/2024 09:30

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RNS Number : 8219B  Renalytix PLC  27 August 2024

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 (http://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
                                                  (http://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 (http://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
(https://www.globenewswire.com/Tracker?data=ThoNM1PDWeVIxIN1XNvxXoh0EK3Og6d0k06ZfN9GrAjS1_QubydWs_nD7MTPteCUCpzWMT-T9VtSxqrwDhSDHeCPMgeDBf4ZA-6KeA6aJT4=)
.

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