Last checked at 20 Mar 2024 12:30
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")
Decision of the Board of Directors to Appoint Administrators
Further to the announcement of 5 February 2024 in relation to the Company's current business development, financing discussions and working capital position (the "Previous Announcement"), ReNeuron Group plc (AIM: RENE), a UK based leader in stem cell derived exosome technologies, announces that the board of directors (the "Board") has today resolved to appoint administrators to the Company with such appointment expected to take effect within the next business day.
As stated in the Previous Announcement, the Group has continued to explore a number of corporate options, including seeking to realise value for its physical and intellectual assets, has put staff at risk of redundancy and initiated discussions with its creditors. The Group has been actively engaged in discussions with its creditors in order to establish the solvency of the business, with a particular focus on finding solutions that would allow the Group to continue trading on a lower cost model. However, to date, certain of these discussions have not progressed sufficiently for the Group to establish the precise solvency status of the business and therefore due to this increased financial uncertainty the decision has been taken to appoint administrators. The discussions with potential investors, partners and creditors will remain open throughout the administration process and further updates will be made as and when appropriate.
Accordingly, the Board intends shortly to file the notice of appointment of Cork Gully LLP as administrators to the Company and a further announcement will be made in due course once the appointment has become effective. It is not known at present how much, if any, value will be returned to shareholders following the administration process.
The person responsible for arranging the release of this announcement on behalf of the Company is Iain Ross, Executive Chairman of the Company.
Enquiries:
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.