Renalytix to Appoint Timothy Scannell to Board of Directors

Rhea-AI Summary

Renalytix plc (NASDAQ: RNLX) has announced plans to appoint Timothy Scannell as an independent non-executive director. Scannell, a seasoned leader with over 30 years of experience at Stryker, is expected to contribute to Renalytix's growth as it partners with hospital systems and expands the KidneyIntelX early-stage prognosis program. James McCullough, CEO of Renalytix, acknowledged the significance of Scannell's expertise at this crucial stage. The appointment awaits final terms and regulatory due diligence.

Positive

• Appointment of Timothy Scannell could bring valuable healthcare expertise and leadership.
• Scannell's background at Stryker may enhance Renalytix's commercial strategies, especially for KidneyIntelX.

Negative

• Concerns regarding continuity as the company undergoes leadership changes.

NEW YORK and SALT LAKE CITY, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Renalytix plc (NASDAQ: RNLX) (LSE: RENX) today announced its intention to appoint Timothy Scannell to its board of directors as an independent non-executive director.

Mr. Scannell is a distinguished leader in healthcare innovation, who brings more than 30 years of experience from his time at Stryker, one of the world’s leading medical technology companies. During his time as President and C.O.O., Mr. Scannell was responsible for all commercial businesses and regions globally for Stryker and delivered market-leading results. Mr. Scannell currently serves as Chair of Insulet Corporation’s board of directors and serves on the board of directors for Novocure and Collagen Matrix. He holds Bachelor of Business Administration and Master of Business Administration degrees from the University of Notre Dame.

“Tim’s industry and leadership expertise are coming at an important commercial inflection point for Renalytix, particularly as we grow our base of hospital system partnership networks and expand the KidneyIntelX early-stage prognosis program throughout the VA medical system,” said James McCullough, CEO of Renalytix.

“Renalytix has the potential to transform management of chronic kidney disease,” said Timothy Scannell. “I look forward to being a part of the Renalytix journey to build a more informed care model to improve patient lives and reduce unsustainable costs across the healthcare system.”

Mr. Scannell will be appointed to the board of Renalytix following finalization of the terms of his appointment and the completion of the necessary regulatory due diligence in accordance with the AIM Rules.

Further announcements will be made at the appropriate time.

About Kidney Disease
Kidney disease is now recognized as a public health epidemic affecting over 850 million people globally. The Centers for Disease Control and Prevention (CDC) estimates that 15% of US adults, or 37 million people, currently have chronic kidney disease (CKD). Further, the CDC reports that 9 out of 10 adults with CKD do not know they have it and one out of two people with very low kidney function who are not on dialysis do not know they have CKD.¹ Kidney disease is referred to as a "silent killer" because it often has no symptoms and can go undetected until a very advanced stage. Each year kidney disease kills more people than breast and prostate cancer.² Every day, 13 patients in the United States die while waiting for a kidney transplant.³

About Renalytix
Renalytix (NASDAQ: RNLX) (LSE: RENX) is the global founder and leader in the new field of bioprognosis^TM for kidney health. The company has engineered a new solution that successfully enables early-stage chronic kidney disease, progression risk assessment. The Company’s lead product, KidneyIntelX, has been granted Breakthrough Designation by the U.S. Food and Drug Administration and is designed to help make significant improvements in kidney disease prognosis, transplant management, clinical care, patient stratification for drug clinical trials, and drug target discovery (visit www.kidneyintelx.com). For more information, visit www.renalytix.com.

About KidneyIntelX
KidneyIntelX, is a first-of-kind solution that enables early-stage diabetic kidney diseases (DKD) progression risk assessment by combining diverse data inputs, including validated blood-based biomarkers, inherited genetics, and personalized patient data from electronic health record, or EHR, systems, and employs a proprietary algorithm to generate a unique patient risk score. This patient risk score enables prediction of progressive kidney function decline in CKD, allowing physicians and healthcare systems to optimize the allocation of treatments and clinical resources to patients at highest risk.

Sources

1 https://www.cdc.gov/kidneydisease/publications-resources/ckd-national-facts.html
2 https://www.nicresearch.com/clinical-research-necessary-nephrology/
3 https://optn.transplant.hrsa.gov/

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Examples of these forward-looking statements include statements concerning: the potential benefits, including economic savings, of KidneyIntelX, the potential for KidneyIntelX to receive regulatory approval from the FDA, the commercial prospects of KidneyIntelX, if approved, including whether KidneyIntelX will be successfully adopted by physicians and distributed and marketed, our expectations regarding reimbursement decisions, our expectations regarding the growth in the number and scope of health system partnerships, the expected increase in number of patients participating in the KidneyIntelX real-world evidence program, the expected start dates for KidneyIntelX testing as part of our existing partnerships, and the ability of KidneyIntelX to curtail costs of chronic and end-stage kidney disease, optimize care delivery and improve patient outcomes. Words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “seeks,” and similar expressions are intended to identify forward-looking statements. We may not actually achieve the plans and objectives disclosed in the forward-looking statements, and you should not place undue reliance on our forward-looking statements. Any forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. These risks and uncertainties include, among others: that KidneyIntelX is based on novel artificial intelligence technologies that are rapidly evolving and potential acceptance, utility and clinical practice remains uncertain; we have only recently commercially launched KidneyIntelX; and risks relating to the impact on our business of the COVID-19 pandemic or similar public health crises. These and other risks are described more fully in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our annual report on Form 20-F filed with the SEC on October 21, 2021, and other filings we make with the SEC from time to time. All information in this press release is as of the date of the release, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Media Contacts:
United States:
Chloe Beaudoin
Renalytix
(207) 333-7947
cbeaudoin@renalytix.com

Outside of the United States:

Walbrook PR Limited
Paul McManus / Lianne Cawthorne
Tel: 020 7933 8780 or renalytix@walbrookpr.com Mob: 07980 541 893 / 07584 391 303

FAQ

Who is Timothy Scannell and what will he bring to Renalytix?

Timothy Scannell is a healthcare leader with over 30 years of experience, particularly at Stryker, and is expected to enhance Renalytix's commercial strategies.

What is the role of KidneyIntelX in Renalytix's business model?

KidneyIntelX is designed for early-stage chronic kidney disease prognosis, aiming to improve patient care and outcomes.

When will Timothy Scannell officially join the board of Renalytix?

Scannell's appointment will occur after finalizing the terms and completing necessary regulatory due diligence.

How might Scannell's appointment impact Renalytix's stock performance?

Scannell's leadership experience may strengthen investor confidence, potentially impacting Renalytix's stock positively.