Case Study: How an IPO on AIM provided RenalytixAI with a funding platform

The London Stock Exchange recently produced a great case study (below) on how an AIM IPO helped one of N+1 Singer’s Healthcare & Life Sciences clients, RenalytixAI plc (AIM: RENX), secure a funding platform and accelerate its plans.

As Chief Executive Officer, James McCullough, puts it:“Our UK investors have developed a sophisticated understanding of diagnostic reimbursement, ironically better than many US investors.”

Having incubated out of EKF Diagnostics Holdings plc (AIM: EKF), RenalytixAI is building KidneyIntelX as a platform solution that uses predictive blood-based biomarkers and can analyse continuously further anonymised information from electronic health records, and other genomic data, and integrate with the care management pathways of healthcare systems such as partner and investor, Mount Sinai. “The power of machine learning allows us to continuously improve performance and begin to look at the subtleties of the disease through the course of treatment and changes in patient behaviour,” says McCullough.

Commenting on why AIM was “very attractive”, McCullough says: “It provided us with a distributed institutional shareholder base, the ability to raise enough capital to drive a world-class product development effort, and put public market governance and reporting discipline in place – all with a clean, flat-capital structure of common stock.”

Other factors in AIM’s favour included the lower costs of admission when compared to the US markets, and the different legal liability framework.

N+1 Singer lead RenalytixAI’s AIM IPO

N+1 Singer were incredibly proud to have led RenalytixAI’s London AIM IPO in November 2018, acting as the Company’s Nominated Adviser and Broker, raising £22.25 million on admission. Alongside this, N+1 Singer also acted as the Company’s Joint Broker for their follow-on raise in July 2019, after its plans accelerated.

KidneyIntelX is at the forefront of healthcare innovation, combining proven blood biomarkers with patient health record data to predict the risk of kidney disease (KD) more accurately. The Company has made great strides since inception in March 2018 and is commercialising well, supported by:

  • Massive and compelling unmet need for earlier testing and treatment (some 37 million people have kidney disease in the US alone);
  • A growing number of interventions (behavioural as well as drug therapies SGLT2 inhibitors, for which an increasing number of late stage clinical trials have been stopped early on grounds of clear efficacy);
  • Support from payers and healthcare systems (seeking better outcomes, at lower cost) with engagement around an established CMS reimbursement price;
  • A favourable regulatory environment: KidneyIntelX® has FDA Breakthrough Device Designation; and
  • A conducive policy backdrop in the form of a Presidential Order (read more here)

In October 2019, RenalytixAI and EKF saw the spin-out IPO chosen by an independent panel as “Transaction of the Year” at the Annual AIM Awards Dinner.


N+1 Singer is currently acting as Nominated Adviser and Broker to EKF Diagnostics and Joint Broker to RenalytixAI.

To read the full London Stock Exchange Case Study Report, please click here. For more information on RenalytixAI, please click here.