UK-based ReNeuron plunges as co flags funding issues

ReNeuron

02/12/2022 12:29

** Shares of UK-based stem cell technologies company
ReNeuron Group  RQE.L  fall 30% to 15.7p
    ** RQE stock hits its lowest level since IPO in August 2005
    ** RQE says co will not be able to complete an equity raise
at current time due to unfavourable conditions in small-cap
equity markets
    ** Co to defer certain expenditure on development plans to
save costs and help extend its current cash runway into at least
the start of Q4 of 2023
    ** RQE reports smaller HY loss of 3.2 mln pounds ($3.93
mln), compared with a loss of 5.2 mln pounds the prior year,
helped by lower operating costs
    ** Co set for worst day since Jan 18
    ($1 = 0.8149 pounds)
 (Reporting by Muhammed Husain in Bengaluru)
 ((Muhammed.Husain@thomsonreuters.com;))