Last checked at 19 Sep 2018 07:00
AIM: RENE | 19 September 2018 |
ReNeuron Group plc
("ReNeuron" or the "Company")
Business development update
ReNeuron Group plc (AIM: RENE), a UK-based global leader in the development of cell-based therapeutics, today provides an update on its ongoing business development activities.
On 11 July 2018, the Company announced that it had signed an exclusivity agreement with an unnamed US-based specialty pharmaceutical company ("US company") in connection with the potential out-licensing of ReNeuron's hRPC retinal stem cell technology and therapeutic programmes. The US company has now informed ReNeuron that it no longer wishes to progress to a definitive licensing agreement. Importantly, the US company's decision is not related to the hRPC technology itself or to the data generated with the hRPC platform but is instead specific to the US company. ReNeuron's management therefore believes that the Company's prospects for licensing its hRPC technology and programmes remain strong.
ReNeuron is now able to resume discussions with those other parties who have expressed interest in its hRPC retinal cell-based activities. As previously reported, ReNeuron is also in active and well-progressed commercial discussions with third parties relating to its other platform technologies and therapeutic programmes.
Olav Hellebø, Chief Executive Officer of ReNeuron, commented:
"ReNeuron has been actively engaged in discussions with various parties over recent months regarding the potential partnering of our stem cell technologies and programmes. We do not usually disclose details of ongoing negotiations but in the case of the US company we were required to disclose the US$2.5 million fee we received for agreeing to negotiate on an exclusive basis. These exclusive discussions have now ended and we will continue our business development activities on a non-exclusive basis. We remain confident of being able to secure a licensing agreement in the near term and look forward to providing further updates in this regard."
ENDS
Enquiries:
ReNeuron | +44 (0) 20 3819 8400 |
Olav Hellebø, Chief Executive Officer | |
Michael Hunt, Chief Financial Officer | |
Buchanan |
+44 (0) 20 7466 5000 |
Mark Court, Sophie Wills, Tilly Abraham | |
Stifel Nicolaus Europe Limited Jonathan Senior, Stewart Wallace, Ben Maddison (NOMAD and Joint Broker) | +44 (0) 20 7710 7600 |
N+1 Singer Advisory LLP Mark Taylor (Joint Broker) |
+44 (0) 20 7496 3000 |
This announcement contains inside information. The person responsible for arranging for the release of this announcement on behalf of the Company is Olav Hellebø, Chief Executive Officer.
About ReNeuron
ReNeuron is a leading, clinical-stage cell therapy development company. Based in the UK, its primary objective is the development of novel cell-based therapies targeting areas of significant unmet or poorly met medical need.
ReNeuron has used its unique stem cell technologies to develop cell-based therapies for significant disease conditions where the cells can be readily administered "off-the-shelf" to any eligible patient without the need for additional immunosuppressive drug treatments. The Company has therapeutic candidates in clinical development for disability as a result of stroke and for the blindness-causing disease, retinitis pigmentosa.
ReNeuron is also advancing its proprietary exosome technology platform as a potential new nanomedicine targeting cancer and as a potential delivery system for drugs that would otherwise be unable to reach their site of action.
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.
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. This announcement also contains forward-looking statements attributed to certain third parties relating to their estimates regarding the growth of markets and demand for products. By their nature, forward-looking statements involve risk and uncertainty because they reflect ReNeuron's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of factors could cause ReNeuron's actual financial condition, results of operations and business achievements/performance to differ materially from the estimates made or implied in such forward-looking statements and, accordingly, reliance should not be placed on such statements.