Renalytix PLC (AIM:RENX) fell 10% on the junior market on Wednesday after the medtech group announced a US$20.3mln (£16.8mln) private placement of ADRs at US$2.17 each.
Net proceeds from the fundraise will be used for sales and marketing, clinical product development, and corporate support and financing costs.
The fundraise is expected to close on or about February 9, 2023, subject to customary closing conditions.
AIM-quoted shares were trading at 110.4p with an £83mln market capitalisation as of 12.30pm, February 8.