Renalytix PLC - London-based diagnostics company focused on its flagship KidneyIntelX prognostic for patients with kidney disease - Launches placing for around USD10 million, or GBP7.8 million. The placing involves the issue of around 39 million shares in the company at a price of 20 pence each. This represents a roughly 28% discount to the company's Monday closing price of 38.54 pence per share. Renalytix says that issuing more than 20.0 million shares will require shareholder approval, which the company intends to seek at a general meeting, the date and time of which has yet to be confirmed.
If successful, the company says that the proceeds will extend its cash runway into the fourth quarter of 2024. Renalytix's current cash is sufficient to take them to April.
Current stock price: 30.55 pence per share, down 24% in London on Tuesday
12-month change: down 69%
By Hugh Cameron, Alliance News reporter
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Renalytix Plc (RENX)