Renalytix plc, a Welsh MedTech company specializing in kidney disease diagnostics and dual-listed in New York and London, has announced the termination of its formal sale process. The company had received an unsolicited takeover approach from a large, publicly-listed strategic diagnostics company earlier this year. However, following comprehensive outreach and discussions, Renalytix’s board has determined that there is no realistic prospect of an offer being made for its issued and to be issued share capital in the near term. The company has also been addressing challenges related to its Nasdaq listing status. Renalytix remains in advanced discussions with key stakeholders to support its refreshed business plan, despite these setbacks. The plan includes focused expenditure, investment, reduced operating costs, and a suitable capital structure. The company has achieved significant milestones, such as FDA approval and Medicare coverage for its KidneyIntelX technology. With recent financings, Renalytix projects a promising growth trajectory in revenues over the next three years, contingent on continued funding and development of commercial partnerships.
MedTech, Diagnostics,United Kingdom, United States
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