Renalytix AI, which is commercializing AI-powered diagnostic tests for kidney disease, announced terms for its IPO on Monday.
The Cardiff, United Kingdom-based company plans to raise $78 million by offering 5.5 million ADSs at $14.22, the as-converted last close of its shares on London's AIM market (RENX). At the proposed deal size, Renalytix AI would command a fully diluted market value of $516 million.
The company's KidneyIntelX test for chronic kidney disease received a CPT code in October 2019 from the American Medical Association, and Medicare national pricing set at $950 per reportable test in January 2020. It states that it received positive coverage from a regional, private physician-led health insurance payor, and is currently undergoing a Medicare coverage determination process with results expected in 2021. Renalytix AI is also seeking marketing authorization from the FDA, and KidneyIntelX has been granted breakthrough device designation.
Renalytix AI was founded in 2018 and plans to list on the Nasdaq under the symbol RNLX. J.P. Morgan and Stifel are the joint bookrunners on the deal. It is expected to price during the week of July 13, 2020.
