Penarth-headquartered medical equipment company EKF has raised a total of £22.25m with the listing of a spin-out company after receiving proceeds from a restricted offer to current shareholders.

Insider Media reports RenalytixAI received valid applications from qualifying EKF shareholders in respect of 1,223,952 RENX Shares, representing gross proceeds of approximately £1.48m.

The allotment and issue of RENX Shares in connection with the Restricted Offer remains conditional upon, among other things, the entire issued share capital of RenalytixAI being admitted to trading on AIM.

Total gross proceeds raised by RenalytixAI is approximately £22.25m with the balance of funds being raised from the Placing and US Subscription.

EKF expects to hold approximately 4.79% of the issued share capital of RenalytixAI on admission to AIM.