Confirmation of reduction of capital

RNS Number : 4673P

Renalytix AI PLC

10 June 2020

 

Renalytix AI plc

("RenalytixAI", the "Company")

Confirmation of reduction of capital  

Renalytix AI plc (LSE : RENX), a commercial-stage artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and lower healthcare costs, announces that it has yesterday received the confirmation of the High Court of England and Wales approving a reduction of the Company's capital ("Capital Reduction"), following receipt of shareholder approval at the Company's general meeting held 15 May 2020.  

The completion of the Capital Reduction will result  in an increase in the distributable reserves of the Company of approximately $50,138,270 from the cancellation of the Company's share premium account. It is anticipated that the Capital Reduction will become effective imminently following registration of the Court order by the Registrar of Companies.

The increase in the Company's distributable reserves will allow the Company to facilitate:

(i)  a distribution in specie of shares in Verici Dx Limited to the Company's shareholders to implement the possible spin-out and admission to AIM of that entity, which will further develop and commercilise the FractalDx kidney transplant product technology;

(ii)  the future consideration of payment of dividends to shareholders where justified by the profits of the Company; and

(iii)  the future redemption or buy back of the Company's shares where desirable.

The Company's directors ("Directors") are continuing to explore potential funding options for the Fractal Dx portfolio, and the Directors intend to conduct initial market soundings in order to assist them in determining the feasibility of an initial public offering. Further announcements will be made at the appropriate time.

For further information, please contact:

Renalytix AI plc		www.renalytixai.com
James McCullough, CEO		Via Walbrook PR
Stifel (Nominated Adviser & Joint Broker)		Tel: [phone]
Alex Price / Nicholas Moore
N+1 Singer (Joint Broker)			Tel: [phone]
Aubrey Powell / George Tzimas (Corporate Finance)
Tom Salvesen (Corporate Broking)
Walbrook PR Limited	Tel: [phone] or  [e-mail]
Paul McManus / Lianne Cawthorne		Mob: [phone]

About Kidney Disease 

Kidney disease is now recognised as a public health epidemic affecting over 850 million people globally.  The Centers for Disease Control and Prevention (CDC) estimates that 15% of US adults, or 37 million people, currently have chronic kidney disease (CKD).  Further, the CDC reports that 9 out of 10 adults with CKD do not know they have it and 1 out of 2 people with very low kidney function who are not on dialysis do not know they have CKD*. Kidney disease is referred to as a "silent killer" because it often has no symptoms and can go undetected until a very advanced stage.  Each year kidney disease kills more people than breast and prostate cancer.  Every day, 13 patients in the United States die while waiting for a kidney transplant.

*  https://www.cdc.gov/kidneydisease/publications-resources/2019-national-facts.html

About RenalytixAI

Renalytix AI is a developer of artificial intelligence-enabled clinical in vitro diagnostic solutions for kidney disease, one of the most common and costly chronic medical conditions globally. RenalytixAI's products are being designed to make significant improvements in kidney disease diagnosis, transplant management, clinical care, patient stratification for drug clinical trials, and drug target discovery. For more information, visit renalytixai.com

 

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