Verici Dx plc (LON:VRCI) started trading on AIM on Tuesday after raising £14.5mln in total to move forward to clinical tests of its organ transplant diagnostic.
The funding was carried out through a placing, (£12mln), share subscription (£2.1mln) and restricted offer (£0.4mln).
Verici Dx specialises in immune phenotyping or tests that can evaluate how well a patient will react to a transplant and whether the body might reject the new organ.
Currently, the company is focused on kidney transplants and has two products under development: Clarava a pre-treatment product and Tuteva for post the transplant.
Using the money from the funding, Verici intends to start validation trials for both products to demonstrate their clinical performance.
In a statement, Sara Barrington, Verici Dx’s chief executive, said: "We are very grateful for the strong support shown by institutional and other investors to the Verici Dx IPO.
“Obtaining funding in a public market is a strong signal of quality to prospective partners and customers, raises the profile of the business and its innovative products considerably, and gives us a supportive platform as we advance our strategy."
Shares in Verici opened strongly in first day dealings with the price settling at 34.5p compared to 20p for the fundraise.