8th Feb 2023 11:57
(Alliance News) - Renalytix PLC on Wednesday announced a private placement of ordinary shares and American depositary shares to raise just over USD20 million.
The kidney health-focused diagnostics company said the placing price is USD2.17 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 USD20.3 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 GBP79.0 million.
Renalytix said it plans to use around USD10.3 million for clinical product development; around USD7.7 million for sales and marketing; and around USD2.0 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.
By Sophie Rose, Alliance News reporter
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