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Utah Life Sciences News & Events

Utah Kidney Diagnostics Company Renalytix AI Announces IPO

July 24, 2020

Exciting news comes our way this week with the announcement by BioUtah member, Renalytix AI (Renalytix), that the company is going public with a global offering of an aggregate of 11,000,000 new ordinary shares – U.S. IPO priced at $13.50 per ordinary share, and a concurrent private placement in Europe and other countries outside of the U.S. at a price of £5.37 per ordinary share.

Renalytix is an artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and lower healthcare costs. The company recently established operations in Utah to supplement their New York operations.

“This is a significant milestone for Renalytix,” said Kelvyn Cullimore, president and CEO of BioUtah. “It also part of Utah’s story of a growing, robust life sciences hub that’s increasingly attracting innovative companies to our state. Under the leadership of CEO James McCullough, we can expect more good things to come.”

Highlights include:

  • Anticipated gross proceeds of approximately US$74.3 million (or US$85.4 million if the underwriters exercise their option to purchase additional American Depositary Shares in full), before deducting underwriting discounts and commissions and estimated offering expenses payable by RenalytixAI
  • RenalytixAI intends to use approximately US$25.0 to US$30.0 million of the net proceeds from the Global Offering for the continued development and planned commercialization of the KidneyIntelX platform, and the remainder for working capital and other general corporate purposes 
  • American Depositary Shares are expected to commence trading on the Nasdaq Global Market on 17 July 2020 under the symbol “RNLX”
  • Ordinary shares are expected to commence trading on AIM market of the London Stock Exchange under the symbol “RENX” on 22 July 2020

J.P. Morgan and Stifel were the lead managers on the transactions. 

Renalytix is also doing its part to fight COVID-19. The company’s KidneyIntelXTM platform will be used in a large study of COVID-19 admitted patients at Mount Sinai Hospital called “Pred MAKER” (Prediction of Major Adverse Kidney Events and Recovery). The study will assess the risk of adverse kidney events in patients diagnosed with COVID-19. Acute and chronic kidney disease is strongly associated with severity of disease and fatal outcomes in COVID-19 patients. Evaluation of a patient’s kidney risk status at the time of COVID-19 diagnosis, through recovery and during follow-on monitoring, can be of potentially high clinical value. 

In addition, Mount Sinai Health System (Mount Sinai) and Renalytix AI have formed Kantaro Biosciences, LLC (Kantaro), a Mount Sinai venture, to develop and scale production of a test kit based on the Mount Sinai-developed highly accurate serologic assay for SARS-CoV-2 antibodies.