1st December 2020

EKF Sells Shares In Spin-Out Company

Cardiff-headquartered EKF Diagnostics has secured about £7.7m through the sale of shares in a spin-out company.

The listed company has sold about 1.68 million ordinary shares in Renalytix AI, a developer of artificial intelligence enabled clinical diagnostic solutions for kidney disease.

The sale has resulted in gross proceeds of £7.71m to EKF and generated a profit of more than £5.6m after dealing expenses.

Renalytix is a spin-out from EKF and listed on AIM in November 2018. EKF continues to hold about one million ordinary shares in the business.

EKF has also welcomed the news that its partner Kantaro Biosciences has received Emergency Use Authorization (EUA) from the US Food and Drug Administration (FDA) for its Covid-19 antibody test.

EKF has exclusive rights to market and distribute the COVID-SeroKlir test in the UK and Germany and non-exclusive rights in Europe.