Guildford, UK, 14 December 2006: ReNeuron Group plc (LSE: RENE) today announces that the Company has raised approximately £1.9 million from the proceeds of the exercise of Warrants to purchase Ordinary Shares in the Company at a price of 10 pence per share.
A total of 18,919,400 Ordinary Shares will be issued on 19 December 2006 in respect of the exercise of the Warrants (representing the exercise of 99.6% of the total number of Warrants).
The Warrants were originally issued in connection with the initial public offering of the Company in August 2005.
Application has been made to the AIM market of the London Stock Exchange plc to admit such Ordinary Shares to trading with effect from 8:00 am on 19 December 2006. The total issued share capital of the Company following such issue will be 118,524,100 Ordinary Shares.
The Company will not be appointing a trustee in respect of the small number of unexercised Warrants, which have lapsed and ceased to be exercisable by the holders thereof.
Michael Hunt, Chief Executive Officer of ReNeuron, said:
“We are delighted to have raised the proceeds available to us from the warrants. This has further bolstered the Company’s cash resources as we look towards approval of our recently filed application to commence human clinical studies with our lead ReN001 stem cell therapy for stroke.”
Notes to editors
ReNeuron is a leading, UK-based adult stem cell therapy business. It 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.
ReNeuron has filed for approval to commence initial clinical studies in the US with its lead ReN001 stem cell therapy for chronic stroke disability. This represents the world’s first such filing concerning a neural stem cell treatment for a major neurological disorder. There are an estimated 50 million stroke survivors worldwide, approximately one half of which are left with permanent disabilities.
ReNeuron 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 ReNcellTMrange of cell lines for use in research and in drug discovery applications in the pharmaceutical industry. ReNeuron’s ReNcellTM CX and ReNcellTM VM neural cell lines are marketed worldwide under license by 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 sources: UK Stroke Association, American Stroke Association.
Michael Hunt, CEO
Tel: 44 (0)1483 302 560
Tel: 44 (0)20 7831 3113
The terms �ReNeuron’, �the Company’ or �the Group’ used in this statement refer to ReNeuron Group plc and/or its subsidiary undertakings, depending on the context.