Business
Exploring funding options for Renalytix AI
Exploring funding options for Renalytix AI.
About this update from Ekf Diagnostics Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 6269T EKF Diagnostics Holdings PLC 04 July 2018 \n\n \nTHE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY AND RENALYTIX AI PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\nEKF Diagnostics Holdings plc\n(\"EKF\", the \"Company\")\n \nExploring funding options for Renalytix AI business\nRenalytix AI PLC to develop Artificial Intelligence solutions\nfor early identification and management of kidney disease\n \nFurther to announcements made on 31 May and 1 June 2018, EKF Diagnostics Holdings plc (AIM: EKF), the AIM quoted point-of-care business, announces that its newly formed UK business entity, Renalytix AI PLC, confirms its intention to undertake a market sounding on a non-inside basis with selected institutional investors in connection with the prospective spin-out and initial public offering (IPO) of its Renalytix AI business. \n \nEKF is in the process of transferring its licence to certain sTNFR (solid tumour necrosis factor) biomarkers to its US subsidiary, Renalytix AI, Inc. The UK entity, Renalytix AI PLC, has an exclusive license and collaboration agreement with the Icahn School of Medicine at Mount Sinai in New York, USA, (\"Mount Sinai\"), as described in more detail in the announcement of 31 May 2018. \n \nSubject to separate funding, these Renalytix AI entities would be combined within Renalytix AI PLC and would undertake clinical utility and large-scale clinical validation studies beginning in 2019, with Mount Sinai and other major US healthcare systems funding the testing process, applying the sTNFR biomarkers, artificial intelligence (AI) technology and anonymised clinical data to identify patients at risk of kidney disease. Identification and diagnosis of at-risk patients would enable earlier behavioural and therapeutic interventions and reduce the significant costs of providing care to patients, including those associated with dialysis and chronic kidney disease. An initial application is expected to be made for FDA review, with leading academic medical centres, pharmaceutical and patient advocacy organisations in the United States an...