2nd Dec 2005 11:19
ReNeuron Group plc02 December 2005 ReNeuron welcomes Government pledges to support stem cell research and development in the UK Guildford, UK, 2 December 2005: ReNeuron Group plc (LSE: RENE.L) has noted theUK Government responses to the report and recommendations of the UK Stem CellInitiative Panel, chaired by Sir John Pattison. The report sets out the statusof stem cell research in the UK and provides a vision and strategy to maintainthe UK's position as a world leader in this area of bioscience. The recommendations in the Panel's report were accepted in full, with theGovernment committing to provide £100 million towards stem cell researchprojects over the next two years, with increasing annual spend thereafter as thefield develops. Commenting on the announcement, Michael Hunt, CEO of ReNeuron, said: "The Government's responses to the UK Stem Cell Initiative's recommendations area significant step in the right direction in terms of maintaining the UK'spre-eminence in stem cell research, especially in light of the frustrations feltby researchers elsewhere in the world, such as the US, where the legislativeenvironment in this area is far less supportive. We particularly welcome thecommitment by the Government, through the Medical Research Council, tocontribute to funds raised by the UK Stem Cell Foundation for clinical andtranslational stem cell research in the UK. "Although much more resource and support will be required in the longer term tokeep the UK ahead globally in this field as stem cell technologies progress, theUK currently remains one of the world's best places in which to conduct stemcell research and development." Enquiries: ReNeuronMichael Hunt, Chief Executive Officer Tel: 01483 302 560 Financial Dynamics Tel: 020 7831 3113David YatesSarah MacleodAnna Keeble Notes to Editors ReNeuron is a leading, UK-based adult stem cell therapy business. The Company 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 way of a chemically-induced safety switch.Cell growth can therefore be completely arrested prior to in vivo implantation. The Company's lead stem cell therapy, ReN001 for chronic stroke disability, isin late pre-clinical development. The Company plans to file for approval tocommence initial clinical trials in stroke by mid-2006, with trials commencingas soon as possible thereafter. In addition to its ReN001 stroke programme, ReNeuron has programmes to developstem cell therapies to address Huntington's disease, Parkinson's disease, Type 1diabetes and diseases of the eye. ReNeuron has also leveraged its stem cell technologies into non-therapeuticareas - its ReNcell range of cell lines for use in drug discovery applicationsin the pharmaceutical industry. The Company successfully completed its flotation on the London AIM market inAugust 2005, raising £9.5million before expenses. At flotation, the Companyalso issued warrants which, if exercised, will raise a further £5.7m for theCompany by February 2007. ReNeuron's shares are traded 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. 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" or "the Company" refer to ReNeuron Group plc and itssubsidiary undertakings. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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