Admission to Trading on AIM
ReNeuron Holdings
12 August 2005
This announcement is not for release, publication or distribution, in whole or
in part, in or into the United States of America, Canada, Japan, the Republic of
Ireland or Australia or any jurisdiction where such announcement would be
unlawful.
ReNeuron Group Plc - Admission to Trading on AIM
Guildford, UK, 12 August 2005: ReNeuron Group Plc ('ReNeuron' or the 'Company')
announces that trading in the Company's ordinary shares and warrants will
commence today at 08:00 on London's Alternative Investment Market ('AIM'), under
the ticker symbols 'RENE.L' and 'RENW.L' respectively.
ReNeuron is a leading, UK-based adult stem cell therapy business. The Company 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. The Company is also exploiting the non-therapeutic potential of
its technologies with the intention of generating sustainable near-term revenue
streams to contribute to the funding of its therapeutic programmes. The Company
is planning to file for approval to commence initial clinical trials with its
stem cell therapy for stroke in the first half of 2006, and hopes to commence
these trials as soon as possible thereafter.
The commencement of trading follows the placing of the Company's shares
announced on 5 August 2005. The placing comprised a total of 38 million shares,
all of which are new ordinary shares, placed with institutions and other
investors in the UK by Collins Stewart and in the US by Harris Nesbitt Corp, at
a price of 25 pence per share raising a total of £9.5 million. A total of 93.5
million shares will be in issue on admission. In addition to the funds raised
in the flotation, the Company has also issued 19 million warrants, exercisable
by 12 February 2007 at 30 pence, a 20% premium to the placing price. If
exercised, these warrants will raise a further £5.7 million for the Company.
Enquiries:
Collins Stewart
Tim Mickley Tel: 0207 523 8000
ReNeuron
Michael Hunt, CEO Tel: 01483 302 560
John Sinden, CSO
Financial Dynamics
Lucy Briggs / David Yates Tel: 020 7831 3113
Notes to Editors
ReNeuron is a leading, UK-based adult stem cell therapy business. The Company 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. The Company is also exploiting the non-therapeutic potential of
its technologies with the intention of generating sustainable near-term revenue
streams to contribute to the funding of its therapeutic programmes. The Company
is planning to file for approval to commence initial clinical trials with its
stem cell therapy for stroke in the first half of 2006, and hopes to commence
these trials as soon as possible thereafter.
ReNeuron has used its c-mycERTAM technology to generate genetically stable stem
cell lines. This technology platform has multi-national patent protection 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 has tested a number of its neural stem cell lines in a series of
validated pre-clinical efficacy models of stroke and Huntington's disease, with
positive results. The efficacy data are being prepared for publication in a
leading peer-reviewed journal and were presented at the Society of Neuroscience
and American Neurological Association meetings in October 2004. To the best of
the Directors' knowledge, this was the first disclosure of positive pre-clinical
data in stroke using stable, expanded neural stem cells, thus providing evidence
of the Company's strong competitive position in the field.
As a result of this progress, the Company's lead stem cell therapeutic program,
ReN001 for chronic stroke disability, has now moved into late pre-clinical
development. The ReN001 cell product has been banked to Good Manufacturing
Practice (GMP) standards, and pre-clinical safety studies are underway. Initial
feedback from the US Food and Drug Administration has been encouraging. ReNeuron
plans to commence initial clinical trials in stroke in the first half of 2006,
with trials commencing as soon as possible thereafter.
In addition to its ReN001 stroke programme, ReNeuron has broadened its product
pipeline by initiating programmes to develop stem cell therapies to address
Huntington's disease, Parkinson's disease, Type 1 diabetes and diseases of the
retina.
The Company recently announced that it had entered into an agreement with
StemCells, Inc., a leading US adult stem cell development company, giving that
company exclusive access to ReNeuron's c-mycER technology for use in the
development of therapies for certain diseases targeted by StemCells. In return,
ReNeuron gains exclusive access to StemCells' adult neural stem cell patent
portfolio for the development of its own neural stem cell therapies. The
agreement provides for reciprocal royalties and milestone payments on the
achievement of various goals under the cross-licence.
The potential market for stem cell and tissue engineering products is estimated
to exceed $10 billion by 2013* and the diseases targeted by ReNeuron are chiefly
characterised by large patient populations representing a major healthcare cost
in terms of existing patient care. For most of the Company's targeted
indications, there are currently no effective cures or treatments addressing the
underlying cause of the condition.
ReNeuron has also leveraged its stem cell technologies into non-therapeutic
areas such as drug discovery - its ReNcell product.
*Tissue Engineering & Stem Cell Technology Report 2003-2013, Visiongain, 2003.
The contents of this announcement, which has been prepared and issued by and is
the sole responsibility of ReNeuron Group plc, have been approved solely for the
purposes of section 21 of the Financial Services and Markets Act 2000 by Collins
Stewart Limited. Collins Stewart Limited is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting for ReNeuron Group
plc and for no-one else in connection with the matters described in this
announcement and will not be responsible to anyone other than ReNeuron Group plc
for providing the protections afforded to customers of Collins Stewart Limited
or for advising them on the contents of this announcement or any matter referred
to herein.
This announcement does not, and no part of it shall, constitute or form part of
any offer for sale or subscription of securities, or any solicitation of any
such offer, not shall it, or any part of it, form the basis of or be relied upon
in connection with any contract or commitment whatsoever. Any eventual
acquisition of, or application for, shares in ReNeuron Group plc should be made
solely on the basis of information contained in the admission document relating
to ReNeuron Group plc to be issued in due course in connection with the proposed
admission to trading of its shares (issued and to be issued) (the 'Shares') to
AIM, a market of the London Stock Exchange.
This announcement is not for release, publication or distribution, in whole or
in part, in or into the United States of America, Canada, Japan, the Republic of
Ireland or Australia or any jurisdiction where such announcement would be
unlawful.
These written materials are not an offer of securities for sale in the United
States. Securities may not be offered or sold in the United States absent
registration under the US Securities Act of 1933 (the 'US Securities Act') or an
exemption therefrom. ReNeuron Group plc has not and does not intend to register
any Shares under the US Securities Act. The Shares will not be offered or sold
to the public in the United States.
This announcement contains forward-looking statements with respect to the
financial condition, results of operations and business achievements/performance
of ReNeuron and certain of the plans and objectives of management of ReNeuron
with respect thereto. These statements may generally, but not always, be
identified by the use of words such as 'should', 'expects', 'estimates',
'believes' or similar expressions. This announcement also contains
forward-looking statements attributed to certain third parties relating to their
estimates regarding the growth of markets and demand for products. By their
nature, forward-looking statements involve risk and uncertainty because they
reflect ReNeuron's current expectations and assumptions as to future events and
circumstances that may not prove accurate. A number of factors could cause
ReNeuron's actual financial condition, results of operations and business
achievements/performance to differ materially from the estimates made or implied
in such forward-looking statements and, accordingly, reliance should not be
placed on such statements.
The value of shares can go down as well as up. Past performance is not a guide
to future performance. Persons needing advice should consult a professional
adviser.
This information is provided by RNS
The company news service from the London Stock Exchange