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(Alliance News) - ReNeuron Group PLC on Friday said it has conditionally raised a total of around GBP17.5 million from a share placing, subscription and open offer first announced in November.
The Wales-based cell-based therapeutics development company conditionally raised total gross proceeds of approximately GBP2.5 million, its intended amount, through the open offer, which provided all qualifying shareholders who did not take part in the placing the chance to participate in a proposed issue of shares at 1 pence each.
ReNeuron intended the subscription to raise gross proceeds of up to GBP1.1 million at a price of 70 pence per share and the share placing to raise gross proceeds of up to GBP13.9 million.
Shares in ReNeuron were 7.7% at 82.40 pence in London on Friday.
The company said the net proceeds of the placing and subscription will allow it "to deliver extended clinical data from its ongoing retinitis pigmentosa phase 2a study and to deliver proof-of-concept pre-clinical data from ongoing exosome collaborations which could enable potential out-licensing deals."
By Zoe Wickens; zoewickens@alliancenews.com
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