Last checked at 20 Mar 2024 15:43
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.
20 March 2024
ReNeuron Group plc
("ReNeuron", the "Group" or the "Company")
Appointment of Administrators
Further to the announcement of its decision to appoint administrators on 20 March 2024 (the "Previous Announcement"), ReNeuron Group plc (AIM: RENE), a UK based leader in stem cell derived exosome technologies, announces that the Company has now appointed Stephen Cork and Mark Smith of Cork Gully LLP as joint administrators to the Company, along with the following subsidiaries: ReNeuron Holdings Limited, ReNeuron Limited and ReNeuron (UK) Limited.
The Board have taken this action to protect the interests of the Group's creditors and the Company's ordinary shares remain suspended from trading on AIM.
Notwithstanding the appointment of administrators, the Company is still in negotiations regarding a potential number of corporate actions including raising additional equity financing and/or securing a financing facility and/or entering into M&A discussions and/or realising value in certain of the Group's physical and intellectual assets. However, there is no guarantee that such negotiations will successfully conclude, and should they not, any residual value to transpire from the administration process will be distributed to the agreed creditors and, should funds permit, the Company's shareholders with the Company being dissolved thereafter.
The Company's shareholders can contact the administrator team via the enquiries details noted below.
Capitalised terms not defined in this announcement shall have the meaning given to them in the Previous Announcement, unless the context otherwise demands.
Further announcements will be made in due course.
The person responsible for arranging the release of this announcement on behalf of the Company is Iain Ross, Executive Chairman of the Company.
Enquiries:
Cork Gully LLP | +44 (0)20 7268 2150 or | ||
Stephen Cork, Joint Administrator | reneuron@corkgully.com | ||
Mark Smith, Joint Administrator | |||
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ReNeuron | www.reneuron.com/investors | ||
Iain Ross, Executive Chairman | Via Walbrook PR | ||
John Hawkins, Chief Financial Officer | |||
Allenby Capital Limited (Nominated Adviser and Broker) | +44 (0)20 3328 5656 | ||
James Reeve/George Payne/ Dan Dearden-Williams (Corporate Finance) | |||
Stefano Aquilino/Kelly Gardiner (Sales & Corporate Broking) | |||
Walbrook PR (Media & Investor Relations) | +44 (0)20 7933 8780 or reneuron@walbrookpr.com | ||
Paul McManus / Alice Woodings | +44 (0)7980 541 893 / +44 (0)7407 804 654 | ||
About ReNeuron
ReNeuron has developed a proprietary stem cell-derived, exosome-based, drug delivery platform with customisable cellular targeting capabilities for the delivery of complex drug modalities.
Through the generation of several unique and scalable exosome producer cell lines, our CustomEX? platform can be optimised for specific tissues targets and payloads leading to improvements in therapeutic outcome and a reduction in off-target effects. ReNeuron offers a delivery mechanism for a variety of payloads such as siRNA, mRNA, proteins, small molecules and genes. Through its conditionally immortalised induced pluripotent stem cell (iPSC) platform, the Company can make allogeneic tissue cells of choice and has the potential to produce exosomes with tissue specific targeting ability.
ReNeuron's shares are traded on the London AIM market under the symbol RENE.L. For further information visit www.reneuron.com
This announcement contains forward-looking statements with respect to the financial condition, results of operations and business achievements/performance of ReNeuron and certain of the plans and objectives of management of ReNeuron with respect thereto. These statements may generally, but not always, be identified by the use of words such as "should", "expects", "estimates", "believes" or similar expressions.