LONDON and NEW YORK, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Renalytix plc (LSE: RENX) (OTCQB:RNLXY), an artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and advance value-based care, announces that as previously disclosed regarding its intention to move listing of its American Depository Shares ("ADSs") from Nasdaq to the OTC Markets Group Inc., that effective with the market open today its ADSs are now trading on the OTCQB.
The Directors have considered the benefits of the Nasdaq listing against the cost of maintaining the listing and have decided to downlist the ADSs from Nasdaq, and apply to have the ADSs quoted on the OTCQB. Accordingly, the Company has filed Form 25 with the United States SEC on October 7, 2024, and as a result, the Company's last trading day of its ADSs on Nasdaq was October 7, 2024.
James McCullough CEO of Renalytix, said: "With recent steps to improve our balance sheet through completing a financing round with high-quality investors, and structuring our business with a tight commercial focus on growing sales through a lean and efficient market-driven model, we believe we now have the capital and cost structure to pursue our strategic goals toward improved profitability.
"Moving to the OTC along with our continued shares listing on the London Stock Exchange significantly decreases our general and administrative costs as a public company. Along with other actions taken within the business, this allows us to redirect valuable capital resources towards the commercialization of kidneyintelX and focus on delivering shareholder value."
The OTCQB® Venture Market is a platform operated by the OTC Markets Group Inc. for entrepreneurial and development stage U.S. and international companies, and is considered by the Securities and Exchange Commission to be an "established public market" for determining the public market price when registering securities for resale. Companies trading on the OTCQB must be current in their reporting and undergo an annual verification and management certification process. Additional information about the OTC Markets Group Inc. and the OTCQB can be found at www.otcmarkets.com.
For further information, please contact:
| Renalytix plc | www.renalytix.com | |
| James McCullough, CEO | Via Walbrook PR | |
| Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) | Tel: 020 7710 7600 | |
| Nicholas Moore / Nick Harland / Ben Good | ||
| Oberon Capital (Joint Broker) | Tel: 020 3179 5300 | |
| Mike Seabrook / Nick Lovering / Jessica Cave | ||
| Walbrook PR Limited | Tel: 020 7933 8780 or [email protected] | |
| Paul McManus / Alice Woodings | Mob: 07980 541 893 / 07407 804 654 | |
| CapComm Partners | ||
| Peter DeNardo | Tel: 415-389-6400 or [email protected] | |
About Renalytix plc
Renalytix (LSE: RENX) (OTCQB:RNLXY) is an artificial intelligence enabled in-vitro diagnostics and laboratory services company that is the global founder and leader in the field of bioprognosis™ for kidney health. In late 2023, our kidneyintelX.dkd test was recognized as the first and only FDA-authorized prognostic test to enable early-stage CKD (stages 1-3b) risk assessment for progressive decline in kidney function in T2D patients. By understanding how disease will progress, patients and clinicians can take action earlier to improve outcomes and reduce overall health system costs. For more information, visit www.renalytix.com.
About OTC Markets Group Inc.
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