Result of Fundraise
Fundraise of £5.20m via placing and subscription at 9.5p per share, significantly oversubscribed.
- Gross proceeds raised £5.20 million
- Issue price per share 9.5 pence
- Total new shares issued 54,741,582
- Shares in issue post-fundraise 385,947,594
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Renalytix plc (LSE: RENX) (OTCQB: RNLXY), a precision medicine company with kidneyintelX.dkd, the only FDA-approved and Medicare reimbursed prognostic test to support early-stage risk assessment in chronic kidney disease, confirms that, further to the Company's announcement released at 7:00 a.m. on 22 September 2025 (RNS Number: 2180A) (the "Fundraising Announcement"), the bookbuild has now closed and the Company has, conditionally, raised gross proceeds of £5.20 million by way of a successful placing of, and subscription for, a total of 54,741,582 new Ordinary Shares at the Issue Price of 9.5 pence per share (the "Placing and Subscription").
Oberon Capital (a trading name of Oberon Investments Limited) is acting as sole bookrunner in respect of the Placing. The Placing, which was significantly oversubscribed, was undertaken through an accelerated bookbuild process.
The Retail Offer remains open for individual investors until 4.30 p.m. on 25 September 2025 and the result of the Retail Offer will be made as soon as practicable thereafter.
James McCullough, CEO of Renalytix commented: "The successful result of this fundraising provides important resources to support our growth and new collaboration with Tempus AI. Together we can expand advanced precision medicine testing to directly into the existing clinical work flow of the some 250,000 U.S. primary care physicians caring for one of the largest chronic diseases populations today."
Capitalised terms used in this announcement (the "Announcement") have the meanings given to them in the Fundraising Announcement, unless the context provides otherwise.
The Placing and Subscription and the issue of the Placing and Subscription Shares are conditional upon, amongst other things:
| ● | the Placing Agreement having become unconditional (save for First Admission and Second Admission) and not having been terminated in accordance with its terms prior to First Admission and Second Admission; and |
| ● | First Admission for the First Tranche Shares taking place by no later than 8:00 a.m. on 26 September 2025 and Second Admission for the Second Tranche Shares taking place no later than 8:00 a.m. on 29 September 2025 (or such later date and/or time as the Bookrunner and the Company may agree, being no later than the Second Long Stop Date). |
Director Participation
Julian Baines, Christopher Mills, Catherine Coste and Robert Naylor, being Directors of the Company, have subscribed for an aggregate of 2,815,789 in a combination of Placing Shares and Subscription Shares at the Issue Price for an aggregate amount of approximately £267,500 as set out below.
| Director | Current Shareholding | Number of Placing Shares | Resulting Shareholding |
|---|---|---|---|
| Julian Baines | 1,848,700 | 105,263 | 1,953,963 |
| Christopher Mills* | 14,561,345 | 2,500,000 | 17,061,345 |
| Robert Naylor | 588,055 | 105,263 | 693,318 |
| Catherine Coste | 279,866 | 105,263 | 385,129 |
*Christopher Mills' shareholding includes shares held through North Atlantic Smaller Companies Investment Trust plc and Oryx International Growth Fund Limited. Christopher Mills is a partner and Chief Investment Officer of Harwood Capital LLP. Harwood Capital LLP is investment manager to North Atlantic Smaller Companies Investment Trust plc and investment adviser to Oryx International Growth Fund Limited.
Those Directors listed above have agreed to a 6 month lock-in on shares subscribed for in the Placing. The updated percentage holdings of the Company's Directors and significant shareholders will be disclosed in due course along with the result of the Retail Offer.
Related Party Transaction
The participation by the four Directors listed above constitutes a related party transaction within the meaning of the AIM Rules for Companies (the "AIM Rules"). Accordingly, the Directors who are independent of the related party transaction (being James McCullough, Erik Lium and Fergus Fleming), having consulted with the Company's Nominated Adviser for the purposes of the AIM Rules, consider the terms of the participation of those Directors to be fair and reasonable insofar as the Company's shareholders are concerned.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for the First Admission and the Second Admission respectively. It is expected that settlement of the 9,253,679 First Tranche Placing Shares will take place on or around 26 September 2025 and First Admission will become effective and dealings in the First Tranche Placing Shares will commence at that time. It is expected that settlement of the 45,487,903 Second Tranche Placing Shares (which includes the 5,473,684 Subscription Shares) will take place within one trading day of First Admission, on or around 29 September 2025, and that the Second Admission will become effective and dealings in the Second Tranche Placing Shares will commence at that time.
Following First and Second Admission, the Company will have 385,947,594 Ordinary Shares in issue. The Placing and Subscription Shares when issued, will be fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
James McCullogh, Chief Executive Officer.
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name: | 1. Julian Baines 2. Christopher Mills 3. Robert Naylor 4. Catherine Coste |
| 2. | Reason for the notification | |
| a) | Position/status: | 1. Executive Chairman 2. Non-Executive Director 3. Non-Executive Director 4. Non-Executive Director |
| b) | Initial notification/Amendment: | |
| a) | Name: | Renalytix Plc |
| b) | LEI: | 213800NTOH3FK3WER551 |
| a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary Shares of £0.0025 each ISIN: GB00BYWL4Y04 |
| b) | Nature of the transaction: | Subscription for Placing Shares |
| c) | Price(s) and volume(s): | Price(s) Volume(s) 1. 9.5 pence 105,263 2. 9.5 pence 2,500,000 3. 9.5 pence 105,263 4. 9.5 pence 105,263 |
| d) | Aggregated information: Aggregated volume: Price: | Single transactions as in 4 c) above |
| e) | Date of the transaction: | 22 September 2025 |
| f) | Place of the transaction: | Outside a trading venue |
UK Product Governance Requirements
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.