Renalytix Shares Jump as £10.5m Fundraise Ends Suspension

Renalytix (LON: RENX), the AIM-listed diagnostics company behind the kidneyintelX.dkd kidney disease test, saw its shares jump today after completing a £10.5 million fundraise that ended a week-long trading suspension.

The stock was trading at 5.00p, up 20.48% from Friday’s suspension close of 4.15p, having earlier touched 6.00p in early trade. The shares had been suspended since 1 September.

Renalytix had halted trading on 1 September to run what it called a Capital Access Window, a formal suspension period companies use while arranging emergency funding. By 3 September it had secured £10.1 million from institutional investors through a placing, subscription and conversion of notes at 6p a share, arranged by joint brokers SP Angel Corporate Finance and Oberon Capital. A retail offer run on the Winterflood Retail Access Platform, which lets existing small shareholders join institutional raises, closed on 7 September, adding £380,142 and taking gross proceeds to roughly £10.5 million. Shares resumed trading at 7.30am today.

A further £3.9 million, made up of 66.6 million new shares, still needs shareholder approval at a general meeting on 28 September, with completion due the following day. The fresh shares were issued at 6p, above Friday’s 4.15p suspension price, reflecting a recovery from the depressed levels the stock had fallen to before the raise. Proceeds are earmarked to fund a US rollout of kidneyintelX.dkd, a blood test that assesses the risk of worsening kidney function in diabetes patients, through a national healthcare network.

Proactive Investors reported the rollout is targeting 25,000 tests in 2027, a scale that would mark a significant step up in commercial use for a test that is already FDA-authorised and reimbursed by Medicare.

The remaining £3.9 million tranche, and the 28 September vote needed to release it, is the next test of whether the recapitalisation holds.