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There was also a 285,714 share buy at 11.56am, so not all selling pressure, but the price has clearly been depressed by a dripfeed of sells. I said it the other day, the share price more often than not does get drawn towards the issue price. This will in part relate to the Mcap 'rebalancing' relative to the enlarged equity, but also I think some investors are selling off cheap open offer shares for a quick 5 or 10% profit, and that just knocks it back.

Agree about the need for directors to perhaps sell this a bit more, but I guess ultimately the only thing that will really matter is the quality of the data and the subsequent deals that those data generate.

RNS says 'As soon as possible after 8:00 a.m.'

Credit to the poster across on ADVFN who found this.

'After being scaled back, I've received 240k shares in the #RENE placing. An incredibly exciting business: I have very high hopes for this new position.

Will begin commentary in 3 weeks, once the GM has passed and the fundraise has completed.'

https://twitter.com/MylesMcNulty/status/1331545859289387014?s=19

Mcnulty is a former analyst and now professional investor primarily focused on AIM.

Same, but it doesn't mean you'll get all the excess you've applied for, it just means that the funds have been deposited into the CREST and they are therefore available to be allocated in exchange for shares to facilitate the smooth transaction of the open offer and any excess applications.

Any funds not exhanged for shares (i.e. in the case of excess applications being oversubscribed, which they will be), get returned to the investor account from the CREST in due course. Or at least thats how I understand the process.

Well, you make good points, however what you touch upon is often discussed by investors of other companies in similar situations. For whatever reason the share price does tend to get drawn towards the issue price (70p in this case).

There are examples of where the share price can quickly test the issue price, then go on a long and sustained bull run; and then there's cases where the share price can just linger and stagnate around the issue price for months.

Like you, I struggle to see the downside from here, but other investors may see it differently. I was briefly tempted to sell in the mid 80s , however the spread is so large that it makes it very difficult to efficiently manoeuvre.

At the start of September the company announced that the first patients in the expanded phase 2a study had been treated with the higher 2m hrpc dose.

Towards the middle of November Michael Hunt told shares cast webinar that they would be looking to announce a read out of the data from the expanded study at a major ophthalmology conference.

Then at the start of December the company announced an equity issue, with directors committing to purchase over £1m worth of new shares.

I would be keen to hear some early data read-outs from the study, but with the equity issue now announced I guess there's little purpose in updating the markets on this. However, it can perhaps be inferred that the early data is indeed promising, and that 2021 could be the year where this company finally fulfills its potential.

Exosomes collaboration news should perhaps be the focus for any near term value inflection points, which give the size of some of the deals announced by competitors, could make for some very pleasant reading if/when it comes.

Not heard of that one before, I don't think. But any coverage is welcome.

With regards to when the may present results, I think their intention is to present at a major ophthalmic conference, as you state.

However, I guess that presumption is on the basis that the results of the expanded study are positive. Time will tell. A collaboration deal on the exosome front would be welcomed in the meantime.

Thanks grizzly.

Yes, it's just now showing when I log into my account. As you say though, can't do anything yet by looks of it.

Thanks

Is anyone else on HL and had correspondence regarding the open offer?

Tiger, who's your broker? I can't see any info available for it yet on HL.

Welcome mik and Dave.

With regards to EIS, I'm pretty certain this only relates to investors taking up their alloted placement. You would therefore have to have been holding shares in the company on the 20th November (from memory), and the EIS relief would therefore apply to the 1 new share for every 9 existing share that the investor was holding. That's my take anyway.

See if it holds. The main concern for the prospective buyer was the possibility of an equity issue (and the timing). As unpleasant as it is to swallow, we knew it was coming, but would have been better if it was done after some major good news and the price was higher.

Anyway, what's done is done. I picked up another four thousand shares early in the morning, so got lucky with the timing. Clearly if the price remains around this level then I'll take up my allotted amount also, and hopefully the price can then be propelled by a flow of news.

Directors buying over £1m worth at this level suggests that the early data from the latest hrpc cohort is in line with expectations, so fingers crossed.

Anyone got any experience of EIS tax relief? Requires some research this evening.

Good find, thanks for sharing.

Slightly off topic, there appears to be a presentation scheduled on the 16th Nov (Life Science), and another between 16th and 18th Nov (Stifel). Don't think these are free to view however, but if anyone knows any way of accessing them, then please share.

There does appear to be a ramp up in the number of these presentations/events of late. Unclear to me whether this is because they are particularly trying to increase exposure, or whether its just a result of such events being cancelled earlier in the year due to covid.

http://www.reneuron.com/news/events/

Appears to be an appetite for the shares this morning. Do we suspect that good news might be incoming?

CTX clearly does have the potential to be major, just think the cost was going to be beyond anything rene could realistically fund by themselves to get it over the line. Covid obvs doesn't help either as you say.

RP certainly appears to be considered quicker, cheaper and more likely to get to market.

Thanks for the additional info. Some definitions further to your link:

https://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfcfr/CFRSearch.cfm?fr=316.3

I'm not sure how jycte could claim market exclusivity, rene's treatment is a different formulation and procedure. Both have numerous patents protecting aspects of the treatments that would surely define them as distinctly unique. Market exclusivity exists to protect drug developers from losing value in their research and development through generics copying what they've pioneered, no?