Renalytix
plc
("Renalytix" or the
"Company")
Termination of Formal Sale
Process
LONDON and NEW YORK, 20 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 Formal Sale
Process.
As announced on 4 March 2024, the
Company commenced its Formal Sale Process after receiving an
unsolicited approach from a large and well-capitalised publicly
listed strategic diagnostics company, which was evaluating an
acquisition of the entire issued, and to be issued, share capital
of the Company.
The Board of the Company (the
"Board") has determined that based on outreach, dialogue and
discussions to date, it does not believe there is a realistic
prospect of an offer for the issued, and to be issued, share
capital of Renalytix being forthcoming in the near term. As such,
the Board has decided to terminate the Formal Sale Process under
the Takeover Code and the Company is therefore no longer in an
Offer Period.
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 Q4 2024, with an unaudited cash position of
$4.7m as at 30 June 2024.
For further information,
please contact:
Renalytix plc
|
www.renalytix.com
|
James McCullough, CEO
|
Via Walbrook
PR
|
|
|
Stifel (Nominated Adviser, Joint Broker and Sole Financial
& Rule 3 Adviser)
|
Tel: 020 7710
7600
|
Nicholas Moore / Nick Harland / Ben
Good
|
|
|
|
Walbrook PR Limited
|
Tel: 020 7933
8780 or renalytix@walbrookpr.com
|
Paul McManus / Alice
Woodings
|
Mob: 07980
541 893 / 07407 804 654
|
|
|
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.
Important Notices
Stifel Nicolaus Europe Limited is
authorised and regulated in the United Kingdom by the
Financial Conduct Authority ("FCA") and is acting exclusively for
the Company and for no one else in connection with the subject
matter of this announcement and will not be responsible to anyone
other than Renalytix for providing the protections afforded to its
clients nor for providing advice in relation to the subject matter
of this announcement.
This announcement is not intended
to, and does not, constitute or form part of any offer, invitation
or the solicitation of an offer to purchase, otherwise acquire,
subscribe for, sell or otherwise dispose of, any securities whether
pursuant to this announcement or otherwise.
This announcement (including any
information incorporated by reference in this announcement), oral
statements made regarding the formal sale process, and other
information published by the Company contain statements about the
Company that are or may be deemed to be forward looking statements.
Without limitation, any statements preceded or followed by or that
include the words "targets", "plans", "believes", "expects",
"aims", "intends", "will", "may", "anticipates", "estimates",
"projects" or words or terms of similar substance or the negative
thereof, may be forward looking statements.
These forward-looking statements are
not guarantees of future performance. Such forward-looking
statements involve known and unknown risks and uncertainties that
could significantly affect expected results and are based on
certain key assumptions. Many factors could cause actual results to
differ materially from those projected or implied in any
forward-looking statements. Due to such uncertainties and risks,
readers should not rely on such forward-looking statements, which
speak only as of the date of this announcement. The Company
disclaims any obligation or responsibility to update publicly or
review any forward-looking or other statements contained in this
announcement, except as required by applicable law.
The distribution of this
announcement in jurisdictions outside the United
Kingdom may be restricted by law and therefore persons into
whose possession this announcement comes should inform themselves
about, and observe, such restrictions. Any failure to comply with
the restrictions may constitute a violation of the securities law
of any such jurisdiction.
Inside information and
responsibility
The information contained within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No. 596/2014.
Upon the publication of this announcement this inside information
is now considered to be in the public domain. The person
responsible for making this announcement on behalf of Renalytix is
James McCullogh, Chief Executive Officer.
Publication on website
In accordance with Rule 26.1 of the
Takeover Code, a copy of this announcement will be made available
(subject to certain restrictions relating to persons resident in
restricted jurisdictions) on Renalytix's website at
https://investors.renalytixai.com/investors
by no later than 12 noon (London time) on the
first business day following the date of this announcement. For the
avoidance of doubt, the content of the website referred to in this
announcement is not incorporated into and does not form part of
this announcement.
LEI: 213800NTOH3FK3WER551