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:
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Cork
Gully LLP
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+44 (0)20
7268 2150 or
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Stephen Cork, Joint
Administrator
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reneuron@corkgully.com
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Mark Smith, Joint
Administrator
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ReNeuron
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www.reneuron.com/investors
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Iain Ross, Executive
Chairman
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Via
Walbrook PR
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John Hawkins, Chief Financial
Officer
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Allenby Capital Limited (Nominated Adviser and
Broker)
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+44 (0)20
3328 5656
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James Reeve/George Payne/ Dan
Dearden-Williams (Corporate Finance)
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Stefano Aquilino/Kelly Gardiner
(Sales & Corporate Broking)
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Walbrook PR (Media & Investor Relations)
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+44 (0)20
7933 8780 or reneuron@walbrookpr.com
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Paul McManus / Alice
Woodings
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+44
(0)7980 541 893 / +44 (0)7407 804 654
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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.