Corporate Banner
Satellite Banner
Stem Cells, Cellular Therapy & Biobanking
>
Scientific Community
 
Become a Member | Sign in
Home>News>This Article
  News
Return

ReNeuron Announces £33 Million Financing Package

Published: Monday, July 22, 2013
Last Updated: Monday, July 22, 2013
Bookmark and Share
Placing to raise up to £25.35 million, grant package of £7.8 million from Welsh Government and Notice of General Meeting.

ReNeuron Group plc announced that it has raised a total of £33 million in a financing package that transforms the Company’s prospects and helps position it as a global leader in stem cell development.

Highlights
•£25.35 million (before expenses) of firm commitments to be raised through an
oversubscribed placing of 1,014,000,000 Placing Shares at an Issue Price of 2.5p to
fund its therapeutic programmes through Phase II trials and consequent value
inflection.
•£7.8 million to be provided through a grant package from the Welsh Government to
establish a cell manufacturing and development facility in South Wales for late stage
clinical and commercial product requirements. The Company will move its principal
operations to this facility as it is phased in over the next two years.
•Shareholder register transformed with participation of major new life science and
generalist investors, including Invesco, Abingworth and the Wales Life Sciences
Investment Fund LP, alongside existing holders.
•Issue Price represents a 17.4 per cent discount to the closing mid-market price of an
Ordinary Share on 19 July 2013, being the last Business Day prior to this
announcement. Issue Price represents a 3.1 per cent discount to the average midmarket
price for the last 20 Business Days prior to this announcement.
•The Directors have each agreed to subscribe for shares in the Placing, amounting to a
subscription of £110,000 in aggregate.
•Renowned Welsh life sciences entrepreneur, Sir Chris Evans, to be appointed as a nonexecutive
director of the Company upon closing of the Placing.

Completion of the proposed firm Placing is subject inter alia to shareholder approval, which will be sought at a General Meeting of the Company to be held at the offices of Covington & Burling LLP, 265 Strand, London, WC2R 1BH, at 10.30 a.m. on 7 August 2013. Dealings in the New Ordinary Shares issued in the firm Placing are expected to commence shortly thereafter.

A circular providing further details of the Placing will be sent to Shareholders later today. Once it has been posted, a copy of the Circular will be available on the Company’s website at www.reneuron.com.

Update on the Company’s therapeutic programmes

The Company has today announced its preliminary results for the year ended 31 March 2013, within which the Company has given an update on its therapeutic programmes and other activities.

Edwina Hart, the Welsh Government’s Minister for Economy, Science and Transport, said:

"I am delighted to be welcoming ReNeuron to Wales. Cardiff University has always been one of the leading centres in the UK for both stem cell and neuroscience research, which was recently strengthened by the appointment of Professor Yves Barde to the Research Chair in Neurobiology as part of our Sêr Cymru initiative.

"This is the second investment made by the Wales Life Sciences Investment Fund, a key component in our strategy to support the growth of the life sciences sector in Wales – one of our priority sectors with the potential to make a significant contribution to the Welsh economy."

Michael Hunt, Chief Executive Officer of ReNeuron, said:

“We are delighted with the support provided to us in this fundraising, both by the participating institutional investors, including specialists in the life sciences sector, and the Welsh Government. The overall funding package will transform the financial position of our business and its future prospects, and should allow us to take all of our therapeutic programmes through a Phase II proof-of-concept clinical study and to value inflection through commercial deals over the next three years.

“The Welsh grant package also enables us to take control over the manufacture of our stem cell therapy candidates as they get closer to market. We look forward to working with the Welsh Government to become part of a larger advanced-therapy manufacturing initiative to be established in South Wales over the coming years.”


Further Information
Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,500+ scientific posters on ePosters
  • More than 3,700+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

Preliminary Results for the Year Ended 31 March 2015
Appointment of Olav Hellebø as CEO.
Saturday, July 11, 2015
ReNeuron Announces Research Collaboration with Benitec Biopharma
Collaboration using exosomes as delivery system for gene silencing in cancer therapy.
Tuesday, June 23, 2015
FDA Grants Fast Track Designation to ReNeuron’s RP Cell Therapy Candidate
Approval to commence a Phase I/II clinical trial in the US with stem cell therapy candidate for RP.
Saturday, May 23, 2015
Long Term Clinical Data from PISCES Stroke Trial
Long term data continue to show good safety profile and evidence of sustained improvements in neurological status and limb function.
Saturday, April 18, 2015
ReNeuron Files Application to Commence Phase I/II Clinical Trial in the US
IND application to commence clinical trial for retinitis pigmentosa with hRPC therapy candidate.
Tuesday, April 14, 2015
ReNeuron Reconfigures Board
Company further strengthens executive management for next phase of development.
Wednesday, April 08, 2015
ReNeuron Announces Appointment of Chief Executive Officer
Company appoints Olav Hellebø as new CEO.
Tuesday, September 09, 2014
ReNeuron AGM Trading Update
Results from the Phase I study with ReN009 announced in the first half of 2015.
Tuesday, September 09, 2014
ReNeuron Receives UK Regulatory Approvals
Company receive approvals to commence Phase II clinical trial in stroke and Phase I clinical trial in critical limb ischaemia.
Friday, March 28, 2014
ReNeuron to Receive Support from Foundation Fighting Blindness
Company receive support for its ReN003 retinal stem cell therapy candidate for treatment of retinitis pigmentosa.
Wednesday, March 12, 2014
ReNeuron Receives European and US Orphan Drug Designation
Company has received Orphan Drug Designation for its ReN003 stem cell therapy candidate for retinitis pigmentosa.
Friday, August 30, 2013
ReNeuron Signs License Agreement with Leading US Eye Research Institute to Develop Stem Cell Therapies for Diseases of the Retina
ReNeuron has been collaborating with Schepens in the early development of its human retinal precursor cells (hRPCs).
Monday, June 20, 2011
ReNeuron Scientists Generate Pancreatic Cell Lines for Treatment of Diabetes
ReNeuron has generated data concerning its pancreatic cell lines for the treatment of Type 1 diabetes with its ReN002 diabetes programme.
Tuesday, June 26, 2007
Scientific News
The Mending Tissue - Cellular Instructions for Tissue Repair
NUS-led collaborative study identifies universal mechanism that explains how tissue shape regulates physiological processes such as wound healing and embryo development.
Tissue Bank Pays Dividends for Brain Cancer Research
Checking what’s in the bank – the Brisbane Breast Bank, that is – has paid dividends for UQ cancer researchers.
iPS Cells Discover Drug Target for Muscle Disease
Researchers have designed a model that reprograms fibroblasts to the early stages of their differentiation into intact muscle cells in a step towards a therapeutic for Duchenne muscular dystrophy.
Engineered Hot Fat Implants Reduce Weight Gain
Scientists at UC Berkeley have developed a novel way to engineer the growth and expansion of energy-burning “good” fat, and then found that this fat helped reduce weight gain and lower blood glucose levels in mice.
Transplanted Stem Cells Can Benefit Retinal Disease Sufferers
Tests on animal models show that MSCs secrete growth factors that suppress causes of diabetic retinopathy and macular degeneration.
MRI Scanners Can Steer Therapeutics to Specific Target Sites
Scientists from the University of Sheffield have discovered MRI scanners, normally used to produce images, can steer cell-based, tumour busting therapies to specific target sites in the body.
Team Finds Early Inflammatory Response Paralyzes T Cells
Findings could have enormous implications for immunotherapy, autoimmune disorders, transplants and other aspects of immunity.
Early Detection of Lung Cancer
The University of Manchester has signed a collaboration agreement with Abcodia to perform proteomics studies on a cohort of non-small cell lung cancer cases from the UKCTOCS biobank, with the aim of discovering new blood-based biomarkers for earlier detection of the disease.
Researchers Identify Drug Candidate for Skin, Hair Regeneration
Formerly undiscovered role of protein may lead to the development of new medications that stimulate hair and skin regeneration in trauma or burn victims.
Basis for New Treatment Options for a Fatal Leukemia in Children Revealed
Detailed molecular analyses allow new insights into the function of tumour cells and options for new treatments.
Skyscraper Banner

Skyscraper Banner
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,500+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
3,700+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FREE!