Renalytix PLC (AIM:RENX) has secured £7.05 million in fresh capital after strong investor demand led it to increase the size of its planned fundraise from £4 million.
The London- and New York-listed diagnostics group said the proceeds came through a placing, subscription, additional subscription and an oversubscribed retail offer, with more than 74 million new shares to be issued at 9.5p each.
The retail tranche alone contributed about £800,000.
Renalytix develops kidneyintelX.dkd, a blood test designed to identify patients with chronic kidney disease most likely to deteriorate quickly. It is the only test of its kind with both US Food and Drug Administration clearance and Medicare reimbursement.
James McCullough, chief executive, said: “I would like to thank our investors for a significantly oversubscribed fundraise at both the institutional and retail investor level, at a key moment in our commercial growth.
"We all have a real opportunity to change the course of diabetic kidney disease that causes untold suffering in millions of people and an unsustainable social cost burden.”
The shares fell 4.5% to 9.55p.