Guildford, UK, 20 July 2011: ReNeuron Group plc (LSE: RENE.L) (“ReNeuron” or “the Company”) today announces that it is strengthening its Board by the appointments of John Edward Berriman and Simon Christopher Cartmell as non-executive directors of the Company with immediate effect.
ReNeuron further announces that Bryan Morton, a non-executive director since 2008, is to become Chairman, effective from 1st August. Professor Trevor Jones will step down as Chairman at that time and will establish and chair a Scientific and Strategic Advisory Group to advise and assist the Company on strategic matters relating to its scientific and commercial agenda: in particular, the future direction of stem cell and cell replacement therapy, links to academic and industrial organisations and relationships with government bodies, the media and the public, both in the UK and internationally. A further announcement regarding appointments to the Advisory Group will be made in due course. Professor Jones will remain a non-executive director of the Company pending the establishment of the Advisory Group.
John Berriman (age 63) is the Chairman of Heptares Therapeutics Ltd, Pronota NV and past Chairman (now deputy Chairman) of Algeta ASA (listed on the Oslo stock exchange). He is also a non-executive director of MicroMet, Inc. (listed on NASDAQ). Previously he was a director of Abingworth Management, an international healthcare venture capital firm, where he was involved in founding, financing and serving as a director of several biotechnology companies in Europe and the USA – many of which obtained listings on public stock exchanges. Prior to that, John spent 14 years with Celltech Group plc and was a member of its Board when it listed on the London Stock Exchange in 1994.
John has a degree in Chemical Engineering from the University of Cambridge and an MBA from the London Business School. In addition to the positions mentioned above, John Berriman has in the last five years been a non-executive director of Ablynx NV and Oxxon Therapeutics Holdings, Inc.
Simon Cartmell (age 51) was, until June 2010, Chief Executive Officer of ApaTech Ltd, which he built into a world leader in orthobiologics. Its sale to Baxter International Inc for $330 million was completed in March 2010. Prior to ApaTech he was CEO of Celltech Pharmceuticals and a director of Celltech Group plc. Before that, he was Chief Operating Officer of Vanguard Medica plc. His early career was spent at Glaxo plc in multiple senior UK and global commercial strategy, product development, supply chain, marketing, sales and business development roles.
Simon is a Medical Microbiology graduate from Manchester University and an alumnus of the London Business School Sloan Fellowship Programme. He is currently Executive Chairman of OSspray Ltd, an emerging dental company, and he is also a non-executive director of Phase4 Ventures, an adviser to the MTI/University of Manchester Premier Fund and to several emerging life science and medical technology companies in the UK and internationally.
Professor Trevor Jones, Chairman of ReNeuron, said:
“I am delighted to welcome two further highly experienced and commercially-focused directors to the Board at this important stage in ReNeuron’s development. I am also delighted to be continuing my involvement with the Company as Chairman of its Scientific and Strategic Advisory Group and I welcome Bryan Morton to the Chairmanship of the Company as the business moves towards realisation of the clinical and commercial potential of its technologies and therapies.”
Bryan Morton further commented:
“I am delighted to be taking on the Chairmanship of ReNeuron at this exciting time in the Company’s development and, on behalf of the Board, I would like to thank Trevor Jones for his consummate leadership of the business since its inception. He will be a tough act to follow and I am delighted that the Company will continue to benefit from Trevor’s wisdom, experience and extensive contacts as Chairman of our new Scientific and Strategic Advisory Group.
The appointments of John Berriman and Simon Cartmell to the Board reflect the transition of ReNeuron from a research-focused business into a Company with a clear strategic objective to take its novel and highly promising cell-based therapies through early to mid-stage clinical development and substantial value realisation via commercial partnering deals. I welcome John and Simon to the Board.”
In addition to his directorship of the Company, John Berriman and Simon Cartmell hold or have held the following directorships, and are or were members of the following partnerships, during the past five years:
Heptares Therapeutics Ltd. John Berriman
Oxxon Therapeutics Holdings, Inc. (Dissolved)
Phase4 Ventures Ltd. Simon Cartmell
Curidium Medica Ltd.
There are no other matters to disclose pursuant to Schedule Two (g) of the AIM Rules in respect of Mr. Berriman and Mr Cartmell.
Chief Executive Officer - ReNeuron
+44 (0) 1483 302560
Dr John Sinden,
Chief Scientific Officer - ReNeuron
Lisa Baderoon, Mark Court, Isabel Podda +44 (0) 20 7466 5000
Antony Legge, Oliver Rigby
+44 (0) 20 7776 6550
Daniel Stewart & Company plc
(Nomad and Joint Broker)
James Gallagher, Steve Waterman +44 (0) 20 3206 7000
Matrix Corporate Capital LLP
ReNeuron is a leading, clinical-stage stem cell business. Its primary objective is the development of novel stem cell therapies targeting areas of significant unmet or poorly met medical need.
ReNeuron has used its unique stem cell technologies to develop cell-based therapies for significant disease conditions where the cells can be readily administered “off-the-shelf” to any eligible patient without the need for additional immunosuppressive drug treatments. ReNeuron’s lead candidate is its ReN001 stem cell therapy for the treatment of patients left disabled by the effects of a stroke. This therapy is currently in clinical development. The Company is also developing stem cell therapies for other conditions such as peripheral arterial disease, a serious and common side-effect of diabetes, and blindness-causing 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 Merck Millipore.
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.
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 imp lied in such forward-looking statements and, accordingly, reliance should not be placed on such statements.