REG - ReNeuron Group plc - Company restructuring update

ReNeuronAnnouncement

19/01/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230119:nRSS1885Na&default-theme=true

RNS Number : 1885N  ReNeuron Group plc  19 January 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").

 

 

ReNeuron Group plc

("ReNeuron" or the "Company")

 

Company restructuring update

 

Focus on validating Exosome delivery technology platform

Cash runway extended into 2024

Headcount reduced by 40%

 

ReNeuron Group plc (AIM: RENE), a UK-based R&D organisation focused on
stem-cell derived exosome delivery technologies, announces that further to the
announcement of 3 January 2023, the Company has undertaken a restructuring of
the business. Headcount has been reduced by 40%, the overall variable costs of
the business lowered and, as a result, the cash runway now extends into 2024
with all resources being directed towards generating in vivo data and
validating the Company's exosome delivery technology platform CustomEX™.

 

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, the CustomEX™ platform can be
optimised for specific tissues targets and payloads leading to improvements in
therapeutic outcome and a reduction in off-target effects; thereby supporting
the commercial proposition.

 

Iain Ross, Executive Chairman, commented: "Strategically, the goal is to
achieve the commercial validation of our CustomEX™ delivery platform and in
order to do this we will generate in vivo data aimed at clearly
differentiating our platform from that of our competitors. We aim to
demonstrate the effective uptake, biodistribution and functionality of cargo
delivered by CustomEX™. In addition, we plan to discontinue, out-license
and/or dispose of all the Company's legacy assets. We will provide further
updates in due course."

 

ENDS

 

Contacts:

 

 ReNeuron                                          www.reneuron.com/investors (http://www.reneuron.com/investors)
 Iain Ross, Executive Chairman                     Via Walbrook PR
 John Hawkins, Chief Financial Officer

 Liberum Capital Limited (NOMAD and Joint Broker)  +44 (0)20 3110 2000

 Phil Walker (Investment Banking)

 Richard Lindley (Investment Banking)

 Ben Cryer (Investment Banking)

 Allenby Capital Limited (Joint Broker)            +44 (0)20 3328 5656
 James Reeve/George Payne (Corporate Finance)
 Stefano Aquilino (Sales & Corporate Broking)

 Walbrook PR (Media & Investor Relations)          +44 (0)20 7933 8780 or reneuron@walbrookpr.com
                                                   (mailto:reneuron@walbrookpr.com)
 Paul McManus                                      +44 (0)7980 541 893

 

 

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 information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDZZGMMRRVGFZM