RENE.L Regulatory News (RENE)

21 Sep 2006 11:45

ReNeuron Group plc21 September 2006 Results of 2006 Annual General Meeting Guildford, UK, 21 September 2006: ReNeuron Group plc (LSE: RENE) today announcesthat all resolutions put to its Shareholders at its 2006 Annual General Meeting(the AGM) were passed. Amongst other matters, pursuant to the terms of the AGM resolutions, each of theCompany's Ordinary Shares, previously of 10p in nominal value, were subdividedinto one new Ordinary Share of 1p in nominal value and one Deferred Share of 9pin nominal value. All such Deferred Shares were thereafter repurchased by theCompany for 1p in aggregate and have now been cancelled. Shareholders should note that the reduction in the nominal value of eachOrdinary Share does not result in a change in the number of Ordinary Shares inissue nor in any change in the underlying value of the business and assets ofthe Company. Commenting at the AGM, Professor Trevor Jones, Chairman of ReNeuron, said: "Whilst ReNeuron's recent share price performance has been disappointing, we donot believe it is representative of the continuing progress the Company ismaking with its therapeutic and non-therapeutic stem cell programmes. Inparticular, the late pre-clinical development of our ReN001 stem cell therapyfor stroke has proceeded to plan, with the application to commence initialclinical studies currently being assembled. As mentioned in earlierannouncements, we intend to file this application to the US FDA before the endof this year." Enquiries: ReNeuronMichael Hunt, CEO Tel: 44 (0)1483 302 560John Sinden, CSO Financial DynamicsDavid Yates Tel: 44 (0)20 7831 3113Sarah Macleod Notes to Editors ReNeuron is a leading, UK-based adult stem cell therapy business. The Group isapplying its novel stem cell platform technologies in the development ofground-breaking stem cell therapies to serve significant and unmet or poorly-metclinical needs. ReNeuron has used its c-mycERTAM technology to generate genetically stableneural stem cell lines. This technology platform has multi-national patentprotection and is fully regulated by means of a chemically-induced safetyswitch. Cell growth can therefore be completely arrested prior to in vivoimplantation. The Group's lead stem cell therapy, ReN001 for chronic stroke disability, is inlate pre-clinical development. The Company plans to file for approval tocommence a Phase I clinical study in stroke by the end of 2006, with the studycommencing as soon as possible thereafter. There are an estimated 50 million(1) stroke survivors worldwide, approximately half of which are left withpermanent disabilities. The healthcare costs of caring for these patients isestimated to amount to $45 billion(2) in the US alone. The Group has also generated pre-clinical efficacy data with its ReN005 stemcell therapy for Huntington's disease, a genetic and fatal neurodegenerativedisorder that affects around 1 in 10,000 people. This programme is inpre-clinical development. In addition to its stroke and Huntington's disease programmes, ReNeuron isdeveloping stem cell therapies for Parkinson's disease, Type 1 diabetes anddiseases of the retina. ReNeuron has also leveraged its stem cell technologies into non-therapeuticareas - its ReNcell range of cell lines for use in drug discovery applicationsin the pharmaceutical industry. ReNeuron's shares are traded on the London AIM market under the symbol RENE.L,and its warrants are traded under the symbol RENW.L. Further information on ReNeuron and its products can be found atwww.reneuron.com. 1. MOSES (Morbidity and mortality after stroke - Eprosartan vs nitrendipine for secondary prevention) study, Feb 2006 2. American Heart Association, Reporting Standards for Carotid Artery Angioplasty and Stent Placement, (Stroke, 2004; 35:e112). This announcement contains forward-looking statements with respect to thefinancial condition, results of operations and business achievements/performanceof ReNeuron and certain of the plans and objectives of management of ReNeuronwith respect thereto. These statements may generally, but not always, beidentified by the use of words such as "should", "expects", "estimates","believes" or similar expressions. This announcement also containsforward-looking statements attributed to certain third parties relating to theirestimates regarding the growth of markets and demand for products. By theirnature, forward-looking statements involve risk and uncertainty because theyreflect ReNeuron's current expectations and assumptions as to future events andcircumstances that may not prove accurate. A number of factors could causeReNeuron's actual financial condition, results of operations and businessachievements/performance to differ materially from the estimates made or impliedin such forward-looking statements and, accordingly, reliance should not beplaced on such statements. This information is provided by RNS The company news service from the London Stock Exchange