LONDON (Alliance News) - Medical diagnostics company EKF Diagnostics Holdings PLC on Thursday said its spin-out company Renalytix AI PLC has raised a minimum of GBP21 million through equity fundraising.
Renalytix AI develops artificial intelligence to support clinical decision making in kidney disease patients. It will issue approximately 17.4 million new shares at a price of 121 pence per share, with N+1 Singer as broker for the placing.
In addition, separate restricted offer up up to GBP3.5 million will shortly be launched.
Prior to the admission of new shares, EKF will transfer a licence, which relates to certain biomarkers, to Renalytix AI in exchange for 15.4 million shares.
EKF will hold a general meeting Friday next week in which it will seek approval to distribute its holding of 21.0 million shares in Renalytix AI to EKF shareholders.
RenalytixAI's enlarged share capital will then be admitted to trading on AIM, with Renalytix AI having a market capitalisation of no less than GBP63.9 million on admission on October 31.
Shares in EKF closed down 3.0% at 30.80 pence on Thursday.
Ekf Diagnostics (EKF)