Summary of interim results:

  • Successful completion of further pre-clinical studies in support of IND application to commence initial clinical trial in the US with ReN001 stem cell therapy for stroke
  • Amendments to IND application completed and filed with FDA
  • Insulin-producing islets generated in ReN002 diabetes programme
  • Acquisition of business assets of AmCyte for US$4.0 million, together with further £1.5 million fundraising before expenses, both achieved via share placing
  • Research collaboration initiated with King’s College London regarding enhancements to stem cell expansion technology
  • Other therapeutic and non-therapeutic programmes progressing to plan
  • Net loss of £3.1 million (2006: £3.3 million); net cash outflow from operating activities £2.9 million (2006: £3.0 million); cash and cash equivalents at 30 September 2007 of £5.7 million (2006: £2.8 million)

Commenting on the results, Professor Trevor Jones, Chairman, said:

“ReNeurons principal focus in the period under review has been to address the FDA’s questions and requests for further data regarding the clinical trial application for our ReN001 therapy. We have now completed the process of submitting our responses and IND amendments to the FDA. Based on the data we have generated over the course of this year, we remain confident of achieving our objective of commencing an initial clinical trial with ReN001 in 2008.”

“Progress with our other therapeutic programmes has given us further cause for encouragement. The acquisition of the cell encapsulation technology from AmCyte has greatly bolstered our ReN002 programme for Type 1 diabetes, and our programmes for Parkinson’s disease and diseases of the retina have also made good progress in the period. We look forward to reporting further progress across these programmes over the coming months.”

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Further information

ReNeuron Group plc
Michael Hunt, Chief Executive Officer
+44 (0)1483 302560

Financial Dynamics � Europe
David Yates
Lara Mott
+44 (0)20 7831 3113

Financial Dynamics � US
Robert Stanislaro
+1 (212) 850 5657