Welsh BioTech to raise £69m with US listing
Posted on June 25, 2020 by Alistair Hardaker
Renalytix AI is looking to raise £69m with a proposed listing in the United States.
The Welsh BioTech is already listed in London but will launch a public offering on the Nasdaq Global Market as it targets the UK market.
The proposed dual-listing was filed on Wednesday with the U.S. Securities and Exchange Commission.
In a statement to the London Stock Exchange, it said that non-executive chair Julian Baines is to step down along with Richard Evans, a non-executive director and chair of the company’s audit committee.
Non-executive director Christopher Mills will become interim chair when the listing take place and will oversee a search for suitable replacement directors.
The firm, a developer of AI-enabled clinical diagnostics for kidney disease, is part of healthcare group EKF Diagnostics. It raised $29m when it floated in 2018 and was valued at £65.1m.
Led by CEO James McCullough and CTO Fergus Fleming, its market cap is £308m today.
The KidneyIntelX product it has developed improves the identification and clinical management of patients with Type 2 diabetes and those with African ancestry who are high-risk of progressive kidney disease.
Its machine learning algorithm assesses a combination of predictive blood-based ‘biomarkers’ and features from a patient’s electronic health record.