Renalytix PLC (AIM:RENX) on Monday launched a £4.5 million equity raise to support its expansion in the United States.
It intends to raise at least £4 million through a placing and subscription of new shares priced at 9.5 pence each, plus an extra £500,000 through a separate retail offer via the Winterflood 'WRAP' platform.
The injection of funds will support new work, tied to a recently announced collaboration with Tempus which is expected to see the firm's kidneyintelX.dkd prognostic blood testing more widely available for eligible patients in the United States.
Renalytix describes the Tempus collaboration as a significant milestone, and it will use the equity proceeds to ensure the effective integration of kidneyintelX.dkd into Tempus' portfolio in the chronic kidney disease category.