Guildford, UK, 15 November 2006: ReNeuron Group plc (LSE: RENE) gives notice reminding Warrant holders that, in accordance with the terms of the Warrant Instrument dated 4 August 2005 (as amended), the exercise period of the Warrants shall end on 12 December 2006.
To the extent not previously validly exercised, the subscription rights conferred pursuant to the terms of the Warrants will cease to be exercisable by Warrant holders on 13 December 2006.
If and to the extent any Warrants remain unexercised (“Unexercised Warrants”) as at 13 December 2006 the Company may, in its discretion, appoint a trustee to exercise such Warrants and sell Ordinary Shares thereupon issued provided that the proceeds of sale, after deduction of costs and expenses incurred by the trustee, will exceed the subscription price. Any such proceeds of sale in excess of the exercise price and the costs and expenses of the trustee will thereafter be distributed to those persons who held Unexercised Warrants on a pro-rata basis.
The Company seeks to de-list the Warrants from trading on the AIM market of the London Stock Exchange with effect from 13 December 2006.
There are currently 19,000,000 Warrants in issue. Each Warrant entitles the holder to subscribe for one new Ordinary Share in the Company at a price of 10p per share. There are currently 99,604,700 Ordinary Shares in issue.
The Directors hold a total of 88,080 Warrants and have confirmed their intention to exercise the Warrants held by them in full.
The Company has today sent to each Warrant holder a letter detailing the manner in which the Warrant subscription rights may be exercised. Further queries concerning the exercise of such Warrant subscription rights should be made to the Company Secretary on +44 (0) 1483 302560. Please note that neither the Company Secretary nor any other representative of the Company can provide investment or tax advice.
Notes to editors
ReNeuron is a leading, UK-based adult stem cell therapy business. The Group is applying its novel stem cell platform technologies in the development of ground-breaking stem cell therapies to serve significant and unmet or poorly-met clinical needs.
ReNeuron has used its c-mycERTAM technology to generate genetically stable neural stem cell lines. This technology platform has multi-national patent protection and is fully regulated by means of a chemically-induced safety switch. Cell growth can therefore be completely arrested prior to in vivo implantation.
The Group’s lead stem cell therapy, ReN001 for chronic stroke disability, is in late pre-clinical development. The Company plans to file for approval to commence a Phase I clinical study in stroke by the end of 2006, with the study commencing as soon as possible thereafter. There are an estimated 50 million1 stroke survivors worldwide, approximately half of which are left with permanent disabilities. The healthcare costs of caring for these patients is estimated to amount to $45 billion2 in the US alone.
The Group has also generated pre-clinical efficacy data with its ReN005 stem cell therapy for Huntington’s disease, a genetic and fatal neurodegenerative disorder that affects around 1 in 10,000 people. This programme is in pre-clinical development.
In addition to its stroke and Huntington’s disease programmes, ReNeuron is developing stem cell therapies for Parkinson’s disease, Type 1 diabetes and diseases of the retina.
ReNeuron has also leveraged its stem cell technologies into non-therapeutic areas � its ReNcell range of cell lines for use in research and in drug discovery applications in the pharmaceutical industry.
ReNeuron’s shares are traded on the London AIM market under the symbol RENE.L, and its warrants are traded under the symbol RENW.L.
Further information on ReNeuron and its products can be found at www.reneuron.com.
- MOSES (Morbidity and mortality after stroke � Eprosartan vs nitrendipine for secondary prevention) study, Feb 2006
- American Heart Association, Reporting Standards for Carotid Artery Angioplasty and Stent Placement, (Stroke, 2004; 35:e112).
Michael Hunt, CEO
John Sinden, CSO
Tel: 44 (0)1483 302 560
Tel: 44 (0)20 7831 3113