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ReNeuron - First Admission


12/17/2010 9:34:21 AM

Guildford, UK, 17 December 2010: ReNeuron Group plc (LSE: RENE.L) announced on 13 December 2010 that it had raised £10 million, before expenses (the “Fundraising”), by means of:

- a placing (the “Placing”), with new and existing investors, of 181,318,182 new Ordinary Shares of 1 pence each (the “Ordinary Shares”) (the “Placing Shares”) at a price of 5.5 pence per new Ordinary Share; and

- a subscription (the “Subscription”), by the Directors, for 500,000 new Ordinary Shares of 1 pence each (the “Subscription Shares”) also at a price of 5.5 pence per new Ordinary Share.

Today, Reneuron Group Plc announces that 6,072,362 of the Placing Shares and the Subscription Shares (together, the “First Admission Shares”) have been allotted, issued and admitted to trading on AIM (“First Admission”). The First Admission Shares have been placed pursuant to the authorities granted to the Directors at the Company’s annual general meeting held on 8 September 2010 to allot new Ordinary Shares on a non-preemptive basis (the “Existing Authorities”).

To enable the Company to take advantage of the Existing Authorities and for certain placees to take advantage of Venture Capital Trust and Enterprise Investment Scheme tax treatment in respect of investments made in the current and subsequent tax years, the Fundraising will comprise three Admissions.

First Admission occurred this morning at 8 a.m. and it is expected that admission will become effective and dealings will commence at 8.00am on:

- 20 December 2010 (for 79,082,322 Placing Shares the subject of Second Admission); and

- 30 December 2010 (for the 95,533,498 Placing Shares the subject of Third Admission, subject to shareholder approval at a General Meeting of the Company convened for 10 a.m. on 29 December 2010).

Following First Admission, the issued share capital of ReNeuron Group plc comprises 445,233,469 Ordinary Shares. The Company holds no shares in treasury. Therefore, the total number of voting rights in the Company is 445,233,469. 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 +44 (0) 1483 302560

Mark Court, Isabel Podda Buchanan Communications +44 (0) 20 7466 5000

Emma Earl, Oliver Rigby Daniel Stewart & Company plc +44 (0) 20 7776 6550

Alastair Stratton, Tim Graham Matrix Corporate Capital LLP +44 (0) 20 3206 7000

About ReNeuron

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 early clinical development. ReNeuron’s ReN009 stem cell therapy is being developed as a treatment for peripheral arterial disease, a serious and common side-effect of diabetes. The Company is also developing stem cell therapies for other conditions such as 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 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.

Daniel & Stewart & Company plc and Matrix Corporate Capital LLP (the “Placing Agents”) are each authorised and regulated by the Financial Services Authority, and are each acting for the Company and for no-one else in connection with the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to their respective customers or for affording advice in relation to the matters referred to herein. This announcement has been issued by, and is the sole responsibility of, the Company. Neither of the Placing Agents accepts any liability whatsoever for the accuracy or opinions contained in this announcement (or for the omission of any material information) and neither of the Placing Agents shall be responsible for the contents of this announcement.


Read at BioSpace.com

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