Guildford, UK, 27 April 2012: On 3 April 2012, the Board of ReNeuron Group plc announced the details of a Placing and Open Offer.
The Company has raised gross proceeds of approximately £5.4 million by means of a Placing through the issue of 134,037,500 Placing Shares at 4p per share. In addition the Company provided all qualifying shareholders with the opportunity to subscribe, also at 4p per share, for an aggregate of up to 99,744,494 Open Offer Shares.
The Open Offer has now closed in accordance with its terms, the Company having received valid acceptances under the Open Offer in respect of 17,387,116 Open Offer Shares from Qualifying Shareholders, representing a take-up of approximately 17.43% of the total Open Offer Shares being offered and providing gross proceeds of approximately £0.7 million.
The Placing Shares have been admitted to trading on AIM and application has been made for the 17,387,116 New Ordinary Shares under the Open Offer to be admitted to trading on AIM with dealings expected to commence at 8.00 a.m. on 3 May 2012.
Terms defined in the Circular published by the Company on 3 April 2012 shall have the same meaning in this announcement unless the context requires otherwise.
In conformity with rule 5.6.1 of Disclosure and Transparency Rules, the Board of the Company notifies the market of the following:
The total number of ordinary shares of 1p each in ReNeuron in issue as at the date of this notice is 757,440,584. On admission of the Open Offer Shares on 3 May 2012, the total number of ordinary shares of 1p each in ReNeuron will be 774,827,700, with each share carrying the right to one vote. There are no shares held in Treasury. The above figures may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, ReNeuron under the FSA’s Disclosure and Transparency Rules.
Michael Hunt, Chief Executive Officer of ReNeuron, said:
“We are pleased to have raised £5.4 million in the Placing and considered it important to include an Open Offer element to this fundraising to give all existing shareholders the opportunity to participate at the Placing price. Given that many of our largest shareholders participated in the Placing element of the raise, we are pleased to have raised a further £0.7 million in the Open Offer.
On behalf of the Board of the Company, I would like to thank both the Placees and those shareholders, numbering over 300, who chose to support the business by taking up their entitlements in the Open Offer. As a result, we have raised sufficient overall net proceeds to enable us to progress the Company’s development strategy to key pre-clinical, regulatory and clinical milestones over the coming year across our core therapeutic programmes.”
- ReNeuron +44 (0) 1483 302560
Michael Hunt, Chief Executive Officer
Pat Huggins, Head of Finance
- Buchanan +44 (0) 20 7466 5000
Mark Court, Sophie Cowles
Cenkos Securities +44 (0) 20 7397 8900
Stephen Keys, Adrian Hargrave (NOMAD and Broker)
Andy Roberts (Sales)
ReNeuron is a leading, clinical-stage stem cell business. Its primary objective is the development of novel stem cell therapies targeting areas of significant unmet or poorly met medical need.
ReNeuron has used its unique stem cell technologies to develop cell-based therapies for significant disease conditions where the cells can be readily administered “off-the-shelf” to any eligible patient without the need for additional immunosuppressive drug treatments. ReNeuron’s lead candidate is its ReN001 stem cell therapy for the treatment of patients left disabled by the effects of a stroke. This therapy is currently in clinical development. The Company is also developing stem cell therapies for other conditions such as peripheral arterial disease, a serious and common side-effect of diabetes, and blindness-causing 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 Merck Millipore.
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.
This announcement contains forward-looking statements with respect to the financial condition, results of operations and business achievements/performance of ReNeuron and certain of the plans and objectives of management of ReNeuron with respect thereto. These statements may generally, but not always, be identified by the use of words such as “should”, “expects”, “estimates”, “believes” or similar expressions. This announcement also contains forward-looking statements attributed to certain third parties relating to their estimates regarding the growth of markets and demand for products. By their nature, forward-looking statements involve risk and uncertainty because they reflect ReNeuron’s current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of factors could cause ReNeuron’s actual financial condition, results of operations and business achievements/performance to differ materially from the estimates made or implied in such forward-looking statements and, accordingly, reliance should not be placed on such statements.