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