The stock-market quoted, Penarth-based firm EKF has garnered proceeds of £22,500,000 in connection with the coming flotation of its spin-out company RenalytixAI on the AIM stock market.
RenalytixAI – which is based at Avon House, Stanwell Road, Penarth – will now be admitted to trading on AIM on 6 November 2018.
Existing qualifying shareholders in EKF have applied for a total of 1,223,952 shares in Renalytix – which alone are worth £1,480,000.
RenalytixAI is a developer of artificial-intelligence decision-support and clinical management tools for improving early diagnosis, continual monitoring and drug development for kidney disease.
The Company was incorporated in March 2018 as a wholly-owned subsidiary of EKF Diagnostics Holdings plc
RenalytixAI is currently working in collaboration with world-leading medical institutions to secure development and commercial launch of two artificial intelligence guided products, KidneyIntelX™ and KidneyIntelX™ APOL1, which the Company intends to submit for FDA review. Subject to funding, the Company is also expecting to develop further products throughout the kidney disease lifecycle, including tools to more accurately assess the type and amount of immunosuppression drugs needed by patients who have undergone kidney transplant surgery (FractalDx).
EKF expects to hold approximately 4.79 per cent of the issued share capital of RenalytixAI on admission to AIM.