15th Nov 2006 07:02
ReNeuron Group plc15 November 2006 Exercise of Warrants Guildford, UK, 15 November 2006: ReNeuron Group plc (LSE: RENE) gives noticereminding Warrant holders that, in accordance with the terms of the WarrantInstrument dated 4 August 2005 (as amended), the exercise period of the Warrantsshall end on 12 December 2006. To the extent not previously validly exercised, the subscription rightsconferred pursuant to the terms of the Warrants will cease to be exercisable byWarrant holders on 13 December 2006. If and to the extent any Warrants remain unexercised ("Unexercised Warrants") asat 13 December 2006 the Company may, in its discretion, appoint a trustee toexercise such Warrants and sell Ordinary Shares thereupon issued provided thatthe proceeds of sale, after deduction of costs and expenses incurred by thetrustee, will exceed the subscription price. Any such proceeds of sale in excessof the exercise price and the costs and expenses of the trustee will thereafterbe distributed to those persons who held Unexercised Warrants on a pro-ratabasis. The Company seeks to de-list the Warrants from trading on the AIM market of theLondon Stock Exchange with effect from 13 December 2006. There are currently 19,000,000 Warrants in issue. Each Warrant entitles theholder to subscribe for one new Ordinary Share in the Company at a price of 10pper share. There are currently 99,604,700 Ordinary Shares in issue. The Directors hold a total of 88,080 Warrants and have confirmed their intentionto exercise the Warrants held by them in full. The Company has today sent to each Warrant holder a letter detailing the mannerin which the Warrant subscription rights may be exercised. Further queriesconcerning the exercise of such Warrant subscription rights should be made tothe Company Secretary on +44 (0) 1483 302560. Please note that neither theCompany Secretary nor any other representative of the Company can provideinvestment or tax advice. Enquiries: ReNeuronMichael Hunt, CEO Tel: 44 (0)1483 302 560John Sinden, CSO Financial DynamicsDavid Yates Tel: 44 (0)20 7831 3113Nicola Daley Notes to Editors ReNeuron is a leading, UK-based adult stem cell therapy business. The Group isapplying its novel stem cell platform technologies in the development ofground-breaking stem cell therapies to serve significant and unmet or poorly-metclinical needs. ReNeuron has used its c-mycERTAM technology to generate genetically stableneural stem cell lines. This technology platform has multi-national patentprotection and is fully regulated by means of a chemically-induced safetyswitch. Cell growth can therefore be completely arrested prior to in vivoimplantation. The Group's lead stem cell therapy, ReN001 for chronic stroke disability, is inlate pre-clinical development. The Company plans to file for approval tocommence a Phase I clinical study in stroke by the end of 2006, with the studycommencing as soon as possible thereafter. There are an estimated 50 million1stroke survivors worldwide, approximately half of which are left with permanentdisabilities. The healthcare costs of caring for these patients is estimated toamount to $45 billion2 in the US alone. The Group has also generated pre-clinical efficacy data with its ReN005 stemcell therapy for Huntington's disease, a genetic and fatal neurodegenerativedisorder that affects around 1 in 10,000 people. This programme is inpre-clinical development. In addition to its stroke and Huntington's disease programmes, ReNeuron isdeveloping stem cell therapies for Parkinson's disease, Type 1 diabetes anddiseases of the retina. ReNeuron has also leveraged its stem cell technologies into non-therapeuticareas - its ReNcell range of cell lines for use in research and in drugdiscovery 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 atwww.reneuron.com. 1. MOSES (Morbidity and mortality after stroke - Eprosartan vs nitrendipine for secondary prevention) study, Feb 2006 2. American Heart Association, Reporting Standards for Carotid Artery Angioplasty and Stent Placement, (Stroke, 2004; 35:e112). This announcement contains forward-looking statements with respect to thefinancial condition, results of operations and business achievements/performanceof ReNeuron and certain of the plans and objectives of management of ReNeuronwith respect thereto. These statements may generally, but not always, beidentified by the use of words such as "should", "expects", "estimates","believes" or similar expressions. This announcement also containsforward-looking statements attributed to certain third parties relating to theirestimates regarding the growth of markets and demand for products. By theirnature, forward-looking statements involve risk and uncertainty because theyreflect ReNeuron's current expectations and assumptions as to future events andcircumstances that may not prove accurate. A number of factors could causeReNeuron's actual financial condition, results of operations and businessachievements/performance to differ materially from the estimates made or impliedin such forward-looking statements and, accordingly, reliance should not beplaced on such statements. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RENE.L