REG - Renalytix PLC - Grant & Cancellation of Options
30/12/2024 13:30
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RNS Number : 6323R Renalytix PLC 30 December 2024
Renalytix plc
("Renalytix" or the "Company")
Grant & Cancellation of Options / PDMR Dealings
LONDON and NEW YORK, 30 December 2024 - Renalytix plc (LSE: RENX) (OTCQB:
RNLXY), which is commercialising the only FDA-approved and Medicare reimbursed
prognostic test to support early-stage risk assessment for chronic kidney
disease, announces that the Board has granted options over a total of
28,914,285 ordinary shares of 0.25 pence each in the capital of the Company
("Options") on 24 December 2024 to Persons Discharging Managerial
Responsibilities ("PDMRs") as detailed below. Concurrently, historic options
have been cancelled as outlined in further detail below:
Name Position Options granted
James McCullough Chief Executive Officer 9,638,095
Julian Baines Executive Chairman 6,425,397
Fergus Fleming Chief Technology Officer & Executive Director 5,782,857
Howard Doran President 4,819,047
Catherine Coste(1) Non-Executive Director 1,285,079
Joel Jung(2) Interim Chief Financial Officer 963,809
The Options, which have been issued in line with the Company's existing share
option plan, have an exercise price of £0.0996 per ordinary share, being the
closing mid-market price of the shares on 23 December 2024.
The Options for the Executive Directors above will vest as follows:
· One third upon the Company achieving a mid-market share price of
£0.20 for seven consecutive trading days within the next three years;
· One third upon the Company achieving $3.2 million in revenue during
the fiscal year ending 30 June 2025. This component is subject to a pro-rata
sliding scale with no vesting to occur if revenue is below 75% of the target
and if revenue is 75% or above, the vesting percentage will align with the
percentage of the target achieved; and
· One third vesting quarterly over 36 months on a quarterly basis.
All Options are subject to the individuals remaining employed by the Company
and will only vest after a six month cliff from the vesting commencement date.
The Board recognises the importance of share options to appropriately
incentivise and retain staff as well as to ensure their interests are aligned
with that of the Company and its shareholders. Therefore, the Remuneration
Committee recommended to the Board that, given the prevailing share price of
the Company and the increase in its issued share capital following the
fundraise announced on 30 September 2024, the existing awards of share options
("Existing Options") were no longer a reasonable incentive. As such, it was
proposed that the Existing Options be cancelled and replaced by the Options to
re-align the option scheme with the current share price and issued share
capital of the Company. Consequently, 2,811,080 Existing Options held by
certain directors and PDMRs were cancelled on 24 December 2024, as detailed
below. The holders of the Existing Options have agreed to their cancellation
with immediate effect.
Name Position Options cancelled
James McCullough Chief Executive Officer 875,017
Julian Baines Executive Chairman -
Fergus Fleming Chief Technology Officer & Executive Director 891,063
Howard Doran President 700,000
Catherine Coste(1) Non-Executive Director 285,000
Joel Jung(2) Interim Chief Financial Officer 60,000
(1)Catherine Coste's Options will vest equally on a quarterly basis over the
one-year period from grant.
(2)Joel Jung's Options will vest equally on a quarterly basis over the
six-month period until the end of his consulting term on 30 June 2025.
For further information, please contact:
Renalytix plc www.renalytix.com (http://www.renalytix.com)
James McCullough, CEO Via Walbrook PR
Stifel (Nominated Adviser and Joint Broker) Tel: 020 7710 7600
Nicholas Moore / Nick Harland / Ben Good
Oberon Capital (Joint Broker) Tel: 020 3179 5300
Mike Seabrook / Nick Lovering
Walbrook PR Limited Tel: 020 7933 8780 or renalytix@walbrookpr.com
Paul McManus / Alice Woodings Mob: 07980 541 893 / 07407 804 654
CapComm Partners
Peter DeNardo Tel: 415-389-6400 or investors@renalytix.com
About Renalytix
Renalytix (LSE: RENX) (OTCQB: RNLXY) is an artificial intelligence-enabled in
vitro diagnostics company, focused on optimizing clinical management of kidney
disease to drive improved patient outcomes. Renalytix has received FDA
approval and Medicare reimbursement for kidneyintelX.dkd which is now offered
commercially in the United States.
Unrecognized and uncontrolled kidney disease remains one of the largest
barriers to controlling cost and suffering in the United States and the United
Kingdom's medical system, affecting over 14 million and 8 million people,
respectively. After five years of development and clinical validation,
kidneyintelX.dkd is the only FDA-approved and Medicare reimbursed prognostic
tool capable of understanding a patient's risk with kidney disease early where
treatment has maximal effect. kidneyintelX.dkd is now being deployed across
large physician group practices and health systems in select regions of the
United States.
The over 10,000 patients that have been tested by kidneyintelX.dkd have
produced a substantial body of real-world performance data. In patient
populations where kidneyintelX.dkd has been deployed, a demonstrated and
significant increase in diagnosis, prognosis, and treatment rates have been
recorded. kidneyintelX.dkd now has full reimbursement established by Medicare,
the largest insurance payer in the United States, at $950 per reportable
result. kidneyintelX.dkd is also recommended for use in the international
chronic kidney disease clinical guidelines (KDIGO).
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name James McCullough
2 Reason for the notification
a) Position/status Chief Executive Officer
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Renalytix plc
b) LEI 213800NTOH3FK3WER551
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of £0.0025 each
Identification code GB00BYWL4Y04
b) Nature of the transaction Grant of options over shares
c) Price(s) and volume(s)
Price(s) Volume(s)
£0.0996 9,638,095
d) Aggregated information
- Aggregated volume 9,638,095
- Price £959,954.26
e) Date of the transaction 24 December 2024
f) Place of the transaction London Stock Exchange, AIM
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Julian Baines
2 Reason for the notification
a) Position/status Executive Chairman
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Renalytix plc
b) LEI 213800NTOH3FK3WER551
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of £0.0025 each
Identification code GB00BYWL4Y04
b) Nature of the transaction Grant of options over shares
c) Price(s) and volume(s)
Price(s) Volume(s)
£0.0996 6,425,397
d) Aggregated information
- Aggregated volume 6,425,397
- Price £639,969.50
e) Date of the transaction 24 December 2024
f) Place of the transaction London Stock Exchange, AIM
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Fergus Fleming
2 Reason for the notification
a) Position/status Chief Technology Officer & Executive Director
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Renalytix plc
b) LEI 213800NTOH3FK3WER551
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of £0.0025 each
Identification code GB00BYWL4Y04
b) Nature of the transaction Grant of options over shares
c) Price(s) and volume(s)
Price(s) Volume(s)
£0.0996 5,782,857
d) Aggregated information
- Aggregated volume 5,782,857
- Price £575,972.55
e) Date of the transaction 24 December 2024
f) Place of the transaction London Stock Exchange, AIM
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Howard Doran
2 Reason for the notification
a) Position/status President
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Renalytix plc
b) LEI 213800NTOH3FK3WER551
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of £0.0025 each
Identification code GB00BYWL4Y04
b) Nature of the transaction Grant of options over shares
c) Price(s) and volume(s)
Price(s) Volume(s)
£0.0996 4,819,047
d) Aggregated information
- Aggregated volume 4,819,047
- Price £479,977.13
e) Date of the transaction 24 December 2024
f) Place of the transaction London Stock Exchange, AIM
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Catherine Coste
2 Reason for the notification
a) Position/status Non-Executive Director
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Renalytix plc
b) LEI 213800NTOH3FK3WER551
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of £0.0025 each
Identification code GB00BYWL4Y04
b) Nature of the transaction Grant of options over shares
c) Price(s) and volume(s)
Price(s) Volume(s)
£0.0996 1,285,079
d) Aggregated information
- Aggregated volume 1,285,079
- Price £127,993.90
e) Date of the transaction 24 December 2024
f) Place of the transaction London Stock Exchange, AIM
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Joel Jung
2 Reason for the notification
a) Position/status Interim Chief Financial Officer
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Renalytix plc
b) LEI 213800NTOH3FK3WER551
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of £0.0025 each
Identification code GB00BYWL4Y04
b) Nature of the transaction Grant of options over shares
c) Price(s) and volume(s)
Price(s) Volume(s)
£0.0996 963,809
d) Aggregated information
- Aggregated volume 963,809
- Price £95,995.43
e) Date of the transaction 24 December 2024
f) Place of the transaction London Stock Exchange, AIM
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