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Renalytix PLC - London-based in vitro diagnostics for kidney disease - Shares fall as Renalytix ends the formal sale process it launched back in March without an offer. Based on its discussions to date, the board doesn’t think there is a ‘realistic prospect’ of a takeover offer in the ‘near term’. Renalytix says it is in talks with ‘key stakeholders’ in the company about ‘a suitable capital structure and funding’. Cash runway extends into the fourth quarter of this year based on its cash position of $4.7 million on June 30. ‘The company believes that the total addressable market opportunity for [its testing product] KidneyIntelX provides potential for significant growth in revenues over the next 3 years, subject to funding and continued development of commercial partnerships,’ it says. Current stock price: 11.15 pence, down 23% in London on Tuesday 12-month change: down 89% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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