ReNeuron Release: Second Closing Of The Placing
On 3 April 2009, ReNeuron Group plc announced that shareholder approval of the Placing had been obtained and that 25,611,111 Ordinary Shares were allotted and issued on first closing of the Placing.
ReNeuron Group plc today announces that 23,266,667 Ordinary Shares have been allotted and issued on second closing of the Placing. Application has been made to admit such Ordinary Shares to trading on AIM, which is expected to occur on 9 April 2009.
To enable certain placees to take advantage of UK Enterprise Investment Scheme (“EIS”) tax treatment the Placing comprises four closings. The third closing is expected to occur on or prior to 29 May 2009 and the fourth closing is expected to occur on or prior to 1 June 2009.
In connection with the Placing, it is intended that £2.5 million of outstanding loan notes (together with accrued interest thereon) be capitalised at a price of 3 pence per Ordinary Share on or prior to 1 June 2009.
Following second closing of the Placing, the issued share capital of ReNeuron Group plc now comprises 203,045,312 Ordinary Shares. The Company holds no shares in treasury. Therefore, the total number of voting rights in the Company is 203,045,312. 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.
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 UK regulatory approval for an initial clinical trial with its lead ReN001 stem cell therapy for disabled stroke patients, and expects to commence this study in the second quarter of 2009. In addition to its stroke programme, ReNeuron is developing stem cell therapies for a number of other conditions, including peripheral vascular disease, Type 1 diabetes 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.