Guildford, UK, 21 September 2006: ReNeuron Group plc (LSE: RENE) today announces that all resolutions put to Warrant holders at a meeting of Warrant holders held on 21 September 2006 (the Meeting) were passed.
In accordance with the resolutions passed at the Meeting the terms of the Instrument constituting the Warrants has been amended such that:
- The price payable on exercise of the Warrants has been reduced from 30p per Ordinary Share to 10p per Ordinary Share; and
- The period within which the Warrants may be exercised has been shortened such that the last date on which Warrants may be exercised has been brought forward from 12 February 2007 to 12 December 2006.
The Directors believe that such amendments are in the best interests of the Company and that the shortening of the exercise period and the reduction in the subscription price will provide a greater opportunity for the Warrants to be exercised thereby providing the Company with a potential source of further finance in the immediate future.
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. 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. There are an estimated 50 million1 stroke survivors worldwide, approximately half of which are left with permanent disabilities. The healthcare costs of caring for these patients is estimated to amount to $45 billion2 in the US alone.
The Group 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 ReNcell 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.
- MOSES (Morbidity and mortality after stroke – Eprosartan vs nitrendipine for secondary prevention) study, Feb 2006
- American Heart Association, Reporting Standards for Carotid Artery Angioplasty and Stent Placement, (Stroke, 2004; 35:e112).
Michael Hunt, CEO Tel: 44 (0)1483 302 560
John Sinden, CSO
David Yates Tel: 44 (0)20 7831 3113