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Renalytix to Raise $20.3M in Private Placement

NEW YORK – Renalytix said on Wednesday that it has inked a deal to sell $20.3 million of securities to existing shareholders, institutional buyers, and investors.

Under the terms of the agreement, the firm will sell 7,511,525 newly issued American Depositary Shares at $2.17 each and 3,699,910 newly issued ordinary shares at a price of £.90 ($1.09) each. Each American Depositary Share represents two ordinary shares.

London-based Renalytix expects the sale will close Feb. 9, and Stifel Nicolaus Europe is the sole private placement agent. The firm intends to use $10.3 million from the sale for clinical product development, $7.7 million for sales and marketing, and $2 million for corporate support and financing costs.

The buyers include Mount Sinai's Icahn School of Medicine, which has agreed to buy 2,764,978 shares in the form of American Depositary Shares, and board of directors member Christopher Mills, who has agreed to buy 346,375 ordinary shares in the form of American Depositary Shares.

In January, Renalytix announced the launch of a consortium intended to show the utility of biomarkers to guide treatment selection for chronic kidney disease patients in routine care and clinical trials. Renalytix is the maker of KidneyIntelX, a lab-developed test to predict the risk of kidney function decline in patients with type 2 diabetes and early-stage chronic kidney disease.

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