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Renalytix PLC on Wednesday announced a private placement of ordinary shares and American depositary shares to raise just over $20 million. The kidney health-focused diagnostics company said the placing price is $2.17 per ADS, representing two ordinary shares at a price of 90p each. In total, the placement includes 7.5 million American depositary and 3.7 million new shares to raise $20.3 million in total. This represents a 27% discount to the stock’s closing price of 122.5p on Tuesday. It was down 14% at 105.15p on Wednesday morning in London, giving the company a market capitalisation of £79.0 million. Renalytix said it plans to use around $10.3 million for clinical product development; around $7.7 million for sales and marketing; and around $2.0 million for corporate support and financing costs. The fundraise is expected to close on Thursday. Following the raise, Renalytix will have 93.6 million shares in issue. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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