REG - ReNeuron Group plc - Appointment of Administrators

ReNeuronAnnouncement

20/03/2024 15:45

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RNS Number : 6618H  ReNeuron Group plc  20 March 2024

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

 ReNeuron                               www.reneuron.com/investors (http://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
                                                                 (mailto: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 (http://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.

 

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