Issue of Ordinary Shares

RNS Number : 8226G

ReNeuron Group plc

08 February 2010

 



8 February 2010

 

ReNeuron Group plc

ISSUE OF ORDINARY SHARES

ReNeuron Group plc (LSE: RENE.L: "the Company") today announces that, pursuant to the terms of the Flexible Use Small Capital Increase Agreement ("FUSCIA") entered into with Matrix Corporate Capital LLP ("Matrix") on 25 November 2009, a total of 1,554,412 Ordinary Shares in the Company will be allotted and issued to Matrix, in consideration for which, the Company shall receive £106,000(£100,700 net of expenses). Application has been made to admit these Ordinary Shares to trading on AIM, which is expected to occur on 11 February 2010.

Following the allotment described above, the issued share capital of the Company will comprise 343,309,571 Ordinary Shares. The Company holds no shares in treasury. Therefore, the total number of voting rights in the Company is 343,309,571.  This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.

Enquiries:

Michael Hunt, Chief Executive Officer ReNeuron Group plc	[phone]
Jonathan Birt, Susan Quigley Financial Dynamics	[phone]
Simon Leathers, Emma Earl Daniel Stewart & Company plc	[phone]
Alastair Stratton, Tim Graham Matrix Corporate Capital LLP	[phone]

About the FUSCIA

The FUSCIA will enable the Company to service its ongoing working capital requirements by drawing on this facility, as required, over the next two years.  The Company will control the timing and amount of any draw-down and is under no obligation to make any such draw-down.  If a draw-down is made, the Company will issue new Ordinary Shares to Matrix at a discount of 5% to a trading price, calculated by reference to a formula based on the daily trading volume of the Company's Ordinary Shares, and volume-weighted average price, over relevant trading periods. The facility also incorporates an over-allotment option to enable larger draw-downs to be made, should market conditions allow at the time.

About ReNeuron

ReNeuron is a leading, UK-based stem cell business.  Its primary objective is the development of stem cell therapies targeting areas of significant unmet or poorly met medical need.  

ReNeuron has received regulatory and conditional ethical approvals to commence a Phase I clinical trial in the UK with its lead ReN001 stem cell therapy for disabled stroke patients. The Company is developing stem cell therapies for a number of other conditions, including peripheral arterial disease and diseases of the retina.

ReNeuron has also developed a range of stem cell lines for non-therapeutic applications - its ReNcell^®products for use in academic and commercial research. The Company's ReNcell^®CX and ReNcell^®VM neural cell lines are marketed worldwide under license by USA-based Millipore 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 at www.reneuron.com.

 

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