21st Sep 2006 11:49
ReNeuron Group plc21 September 2006 Results of Warrant Holder Meeting Guildford, UK, 21 September 2006: ReNeuron Group plc (LSE: RENE) today announcesthat all resolutions put to Warrant holders at a meeting of Warrant holders heldon 21 September 2006 (the Meeting) were passed. In accordance with the resolutions passed at the Meeting the terms of theInstrument constituting the Warrants has been amended such that: • the price payable on exercise of the Warrants has been reduced from30p per Ordinary Share to 10p per Ordinary Share; and • the period within which the Warrants may be exercised has beenshortened such that the last date on which Warrants may be exercised has beenbrought forward from 12 February 2007 to 12 December 2006. The Directors believe that such amendments are in the best interests of theCompany and that the shortening of the exercise period and the reduction in thesubscription price will provide a greater opportunity for the Warrants to beexercised thereby providing the Company with a potential source of furtherfinance in the immediate future. Enquiries: ReNeuronMichael Hunt, CEO Tel: 44 (0)1483 302 560John Sinden, CSO Financial DynamicsDavid Yates Tel: 44 (0)20 7831 3113Sarah Macleod 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. Subject to successful completion of pre-clinicaltesting, the Company plans to file for approval to commence a Phase I clinicalstudy in stroke by the end of 2006, with the study commencing as soon aspossible thereafter. The Group has also generated pre-clinical efficacy data with its ReN005 stemcell therapy for Huntington's disease, a rare, genetic and fatalneurodegenerative disorder that affects around 1 in 10,000 people. Thisprogramme is in pre-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 drug discovery applicationsin 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. 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