Renalytix completes financing to support its growth

8th Apr 2022 15:29

(Sharecast News) - Renalytix announced the completion of a $30m (£23.06m) financing package on Friday, to support its growth and for general working capital.

The AIM-traded firm said the funds were raised via an $8.8m equity subscription, and a subscription for convertible bonds totalling $21.2m, raising total gross proceeds of $26.8m.

It said the equity fundraise consisted of subscriptions for 2,221,794 shares and 103,447 American depositary shares (ADS), at a price of $7.25 per ADS or $3.625 per ordinary share, equivalent to 276p per share.

"Following the completion of the equity fundraise and the satisfaction of the customary conditions precedent, the convertible bonds fundraise has also been completed," the board said in its statement.

"The net proceeds of the fundraise will be used for general working capital purposes and to support expected company growth."

At 1510 BST, shares in Renalytix were down 2.08% in London at 235p.