6th Nov 2018 12:49
LONDON (Alliance News) - Renalytix AI PLC started trading on London's AIM Tuesday after raising GBP22.3 million though a placing and subscription to EKF Diagnostics Holdings PLC shareholders.
The developer of AI-enabled clinical diagnostics solutions for kidney disease has 53.8 million shares in issue at admission.
Renalytix AI has a market cap on admission of GBP65.1 million at an issue price of 121.0 pence per share.
N+1 Singer acted as placing agent and has been retained as nominated adviser and broker.
Renalytix AI will use the proceeds from its fundraising to continue the development of its AI technology with its software partner and to pursue other scientific development and partnerships.
In May, the company agreed a collaboration with Icahn School of Medicine at Mount Sinai in New York for product development and intended commercialisation beginning in 2019.
Mount Sinai became a shareholder in Renalytix AI as part of the deal. Renalytix AI will also use some of the proceeds from its fundraising to make payments under the collaboration.
In 2019, Renalytix AI expects to launch KidneyIntelXTM, a product that supports physician decision making improving identification, prediction, and risk stratification of patients with progressive kidney disease.
KidneyIntelXTM is being designed to combine disparate data sources, including blood-based biomarkers, genetic factors and electronic health records data, for processing by machine learning algorithms.
Renalytix AI is expected to undertake clinical utility and large-scale validation studies for the product - to be paid by the proceeds of its fundraise.
Renalytix AI was a unit of EKF Diagnostics, which now owns a 34% stake in the newly-listed company.
Shares in Renalytix AI started trading at 120.0 pence Tuesday, slightly down from the issue price of 121p.
Related Shares:
Ekf DiagnosticsRenalytix Plc