ReNeuron: Result of EGM and First Closing of the Placing
ReNeuron Group plc today announces the shareholder approvals necessary to permit the Placing were given at an Extraordinary General Meeting of the Company and that, pursuant to the first closing date of the Placing, 25,611,111 Ordinary Shares were today allotted and issued. Application has been made to admit such Ordinary Shares to trading on AIM and admission is expected to occur on 6 April 2009.
To enable certain placees to take advantage of UK Enterprise Investment Scheme (“EIS”) tax treatment, the Placing comprises four closings. The second closing is expected to occur on or about 7 April 2009, the third 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, and as announced on 12 March 2009, it is intended that £2.5 million of outstanding loan notes (together with accrued interest thereon) will be capitalised at a price of 3 pence per Ordinary Share on or prior to 1 June 2009.
Following first closing of the Placing, the issued share capital of ReNeuron Group plc now comprises 179,778,645 Ordinary Shares. The Company holds no shares in treasury. Therefore, the total number of voting rights in the Company is 179,778,645. 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.