3rd Nov 2020 14:52
(Alliance News) - Verici Dx PLC on Tuesday said it raised GBP14.5 million in initial public offer on AIM as the former Renalytix AI PLC unit began trading in London.
Verici issued 72.5 million shares at a price of 20.0 pence each through a placing, subscription and restricted offer. It had a GBP28.4 million market capitalisation on admission.
In London on Tuesday afternoon, Verici shares were trading at 37.75p each, up 89% from its IPO price.
The company develops clinical tests for organ transplant, which show how well a patient will or is responding to a transplant. It will initially focus on the kidney transplant space.
Some of the proceeds from the fundraise will be go towards validation studies of its Clarava and Tuteva products and for "general corporate overheads". Clarava is a pre-transplant product which assesses the risk of early acute rejection, while Tuteva is a post-transplant treatment.
"We are very grateful for the strong support shown by institutional and other investors to the Verici Dx IPO. Obtaining funding in a public market is a strong signal of quality to prospective partners and customers, raises the profile of the business and its innovative products considerably, and gives us a supportive platform as we advance our strategy," Chief Executive Officer Sara Barrington said.
Clinical diagnostics company Renalytix AI back in April said it would take the "necessary preliminary steps" needed to demerge the unit.
N+1 Singer was the sole bookrunner in relation the placing and acted as the company's nominated advisor and broker.
Renalytix shares were 0.9% lower at 495.51p in London on Tuesday afternoon.
By Eric Cunha; [email protected]
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