Guildford, UK, 21 January 2009: ReNeuron Group plc (LSE: RENE.L) has noted certain comments made in the press following the Company’s announcement on 19 January concerning UK regulatory approval to commence an initial clinical trial with its ReN001 stem cell therapy for stroke. The Company would like to make the following statements relating to these comments by way of clarification:
1. As noted in earlier press releases, the Company has previously submitted an application to the US FDA to commence a clinical trial in the US with its ReN001 stroke therapy. This application has not been rejected by the FDA, but remains on clinical hold. The Company intends to continue discussions with the FDA in due course concerning this application and potential amendments thereto.
2. The Company intends to raise further funding for its programmes over the course of this year, and its convertible loan facility from certain existing investors will provide cash resources sufficient to finance the Company’s operations into the third quarter of this year.
Michael Hunt, Chief Executive Officer – ReNeuron +44 (0) 1483 302560
David Yates, Susan Quigley, Financial Dynamics +44 (0) 20 7831 3113
Stewart Wallace, Adam Cowen, Collins Stewart +44 (0) 20 7523 8350
ReNeuron is a leading, UK-based stem cell company. Its primary objective is the development of stem cell therapies targeting areas of significant unmet or poorly met medical need.
ReNeuron expects to commence initial clinical studies with its lead ReN001 stem cell therapy for disabled stroke patients in the UK in the second quarter of 2009. In addition to its stroke programme, ReNeuron is developing stem cell therapies for a number of other conditions, including peripheral ischaemia, Type 1 diabetes and diseases of the retina.
ReNeuron has also developed a range of stem cell lines for non-therapeutic applications, its ReNcell® products for use in academic and commercial research. The Company’s ReNcell®CX and ReNcell®VM neural cell lines are marketed worldwide under license by USA-based Millipore Corporation.
ReNeuron’s shares are traded on the London AIM market under the symbol RENE.L. Further information on ReNeuron and its products can be found at www.reneuron.com.
Data source: UK Stroke Association.