REG - ReNeuron Group plc - Intention to Appoint Administrators

ReNeuronAnnouncement

20/03/2024 12:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240320:nRST6377Ha&default-theme=true

RNS Number : 6377H  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")

 

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 (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.

 

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  UPDSEDFESELSEED