Guildford, UK, 23 August 2006: ReNeuron Group plc (LSE: RENE) today announces that it has sent notice to its Shareholders and Warrant holders convening its 2006 Annual General Meeting (the AGM) and a meeting of its Warrant holders, each meeting to be held on 21 September 2006.
The resolutions to be put to Warrant holders cover the proposed amendment of the terms of the Warrants so
as to reduce the price payable on exercise of the Warrants from 30p per Ordinary Share to 10p per Ordinary Share and to shorten the exercise period of the Warrants such that the end of the exercise period will be brought forward from 12 February 2007 to 12 December 2006.
The resolutions to be put to Shareholders at the AGM cover:
- The Annual Report and Accounts for the year ended 31 March 2006;
- The reappointment of the Directors;
- The reappointment of the auditors;
- The subdivision of each of the Company’s Ordinary Shares of 10p in nominal value into one new Ordinary Share of 1p in nominal value and one Deferred Share of 9p in nominal value (and subsequent thereto the repurchase and cancellation of all such Deferred Shares);
- Granting authority to issue new securities, including a proposed placing of up to 100,000,000 Ordinary Shares (authority for such a proposed placing aving been previously granted at the extraordinary general meeting of the Company held on 26 April 2006); and
- Approving the amendment of the Warrants as described above.
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. Subject to successful completion of pre-clinical testing, 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.
The Group has also generated pre-clinical efficacy data with its ReN005 stem cell therapy for Huntington’s disease, a rare, genetic and fatal neurodegenerative disorder that affects around 1 in 10,000 people. This programme is in re-clinical development.
In addition to its stroke and Huntington’s disease programmes, ReNeuron is developing stem cell therapies for arkinson’s disease, Type 1 diabetes and diseases of the retina.
ReNeuron has also leveraged its stem cell technologies into non-therapeutic areas � its ReNcellTM range of cell lines for use 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.
Michael Hunt, CEO
John Sinden, CSO
Tel: 44 (0)1483 302 560
Tel: 44 (0)20 7831 3113