ReNeuron Group plc Signs retinal stem cell exclusivity agreement (2341U)
11 July 2018 - 4:00PM
UK Regulatory
TIDMRENE
RNS Number : 2341U
ReNeuron Group plc
11 July 2018
AIM: RENE 11 July 2018
ReNeuron Group plc
("ReNeuron" or the "Company")
Signs retinal stem cell exclusivity agreement
ReNeuron Group plc (AIM: RENE), a UK-based global leader in the
development of cell-based therapeutics, is pleased to announce that
it has signed an exclusivity agreement with a US-based specialty
pharmaceutical company in connection with the potential
out-licensing of ReNeuron's hRPC retinal stem cell technology and
therapeutic programmes.
In exchange for granting a three-month exclusivity period,
ReNeuron will receive a non-refundable $2.5 million cash payment
from the US-based company. A further $2.5 million is payable to
ReNeuron subject to the completion of certain due diligence
activities during the exclusivity period. These cash payments will
contribute to the Company's ongoing working capital
requirements.
ReNeuron aims to sign a definitive out-licensing agreement with
the US-based company later this year. The agreement is envisaged to
comprise a worldwide licence, excluding China, with success-based
development milestone payments and royalty payments on eventual
in-market sales. ReNeuron believes the potential US partner has the
financial capacity as well as the clinical and commercial
competencies necessary to accelerate and maximise the value of the
Company's hRPC technology.
ReNeuron is also pleased to report that it is in active
commercial discussions with other third parties relating to its
other platform technologies and therapeutic programmes with a view
to signing collaboration and/or out-licensing deals in due
course.
Commenting on the agreement, Olav Hellebø, Chief Executive
Officer of ReNeuron, said:
"ReNeuron has been actively engaged in discussions with various
parties during the past few months regarding the potential
partnering of our hRPC retinal stem cell technology and programmes.
We are very pleased to be entering a period of further discussion
and due diligence on an exclusive basis with one of these parties
and hope to announce an agreement later this year. In addition to
this, we are in detailed discussions with a number of companies in
connection with our other programmes.
"It is highly encouraging that our technologies and therapeutic
programmes are attracting increasing interest from commercial third
parties, reflecting the positive progress these programmes are
making through pre-clinical and clinical development and their
potential to address major unmet medical needs."
ENDS
Enquiries:
+44 (0) 20 3819
ReNeuron 8400
Olav Hellebø , Chief Executive
Officer
Michael Hunt, Chief Financial Officer
+44 (0) 20 7466
Buchanan 5000
Mark Court, Sophie Wills, Tilly Abraham
Stifel Nicolaus Europe Limited
Jonathan Senior, Stewart Wallace, Ben +44 (0) 20 7710
Maddison (NOMAD and Joint Broker) 7600
N+1 Singer Advisory LLP +44 (0) 20 7496
Mark Taylor (Joint Broker) 3000
This announcement contains inside information. The person
responsible for arranging for the release of this announcement on
behalf of the Company is Olav Hellebø, Chief Executive Officer.
About ReNeuron
ReNeuron is a leading, clinical-stage cell therapy development
company. Based in the UK, its primary objective is the development
of novel cell-based therapies targeting areas of significant unmet
or poorly met medical need.
ReNeuron has used its unique stem cell technologies to develop
cell-based therapies for significant disease conditions where the
cells can be readily administered "off-the-shelf" to any eligible
patient without the need for additional immunosuppressive drug
treatments. The Company has therapeutic candidates in clinical
development for disability as a result of stroke and for the
blindness-causing disease, retinitis pigmentosa.
ReNeuron is also advancing its proprietary exosome technology
platform as a potential new nanomedicine targeting cancer and as a
potential delivery system for drugs that would otherwise be unable
to reach their site of action.
ReNeuron's shares are traded on the London AIM market under the
symbol RENE.L. Further information on ReNeuron and its products can
be found at 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 announcement
also contains forward-looking statements attributed to certain
third parties relating to their estimates regarding the growth of
markets and demand for products. By their nature, forward-looking
statements involve risk and uncertainty because they reflect
ReNeuron's current expectations and assumptions as to future events
and circumstances that may not prove accurate. A number of factors
could cause ReNeuron's actual financial condition, results of
operations and business achievements/performance to differ
materially from the estimates made or implied in such
forward-looking statements and, accordingly, reliance should not be
placed on such statements.
This information is provided by RNS, the news service of the
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END
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