14th Dec 2006 07:01
ReNeuron Group plc14 December 2006 RESULTS OF EXERCISE OF WARRANTS Guildford, UK, 14 December 2006: ReNeuron Group plc (LSE: RENE) today announcesthat the Company has raised approximately £1.9 million from the proceeds of theexercise of Warrants to purchase Ordinary Shares in the Company at a price of 10pence per share. A total of 18,919,400 Ordinary Shares will be issued on 19 December 2006 inrespect of the exercise of the Warrants (representing the exercise of 99.6% ofthe total number of Warrants). The Warrants were originally issued in connection with the initial publicoffering of the Company in August 2005. Application has been made to the AIM market of the London Stock Exchange plc toadmit such Ordinary Shares to trading with effect from 8:00 am on 19 December2006. The total issued share capital of the Company following such issue will be118,524,100 Ordinary Shares. The Company will not be appointing a trustee in respect of the small number ofunexercised Warrants, which have lapsed and ceased to be exercisable by theholders 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." Enquiries: ReNeuronMichael Hunt, CEO Tel: 44 (0)1483 302 560 Financial DynamicsDavid Yates Tel: 44 (0)20 7831 3113Nicola Daley Notes to Editors ReNeuron is a leading, UK-based adult stem cell therapy business. It 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. ReNeuron has filed for approval to commence initial clinical studies in the USwith its lead ReN001 stem cell therapy for chronic stroke disability. Thisrepresents the world's first such filing concerning a neural stem cell treatmentfor a major neurological disorder. There are an estimated 50 million strokesurvivors worldwide, approximately one half of which are left with permanentdisabilities. ReNeuron has also generated pre-clinical efficacy data with its ReN005 stem celltherapy for Huntington's disease, a genetic and fatal neurodegenerative disorderthat affects around 1 in 10,000 people. This programme is in pre-clinicaldevelopment. 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 ReNcellTM range of cell lines for use in research and in drugdiscovery applications in the pharmaceutical industry. ReNeuron's ReNcellTM CXand ReNcellTM VM neural cell lines are marketed worldwide under license byMillipore 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 atwww.reneuron.com. Data sources: UK Stroke Association, American Stroke Association. 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. The terms 'ReNeuron', 'the Company' or 'the Group' used in this statement referto ReNeuron Group plc and/or its subsidiary undertakings, depending on thecontext. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RENE.L