Corporate update

RNS Number : 2606F

ReNeuron Group plc

23 April 2014

 

23 April 2014

AIM: RENE

Corporate update

Guildford, UK, 23 April 2014:  ReNeuron Group plc (the "Company") (AIM: RENE.L), the leading UK-based stem cell therapy company, today announces that, in order to manage the increasing breadth of the Company's clinical, operational and commercial activities, the Board of the Company is to be reconfigured with the appointment of a new Chief Executive Officer. The current CEO, Michael Hunt, will remain in that role until such time as a suitable candidate has been recruited, following which he will remain on the Board of Directors in the new role of Chief Financial Officer, with responsibilities covering finance, public & investor relations and overall commercial and financial strategy.

Following the significant recent progress the Company has made, the Board, including Mr Hunt, has concluded that the executive leadership should be expanded to best manage the multiple opportunities now available to the Company. Specifically, with the increased emphasis on business and clinical development required to take the Company through to full commercialisation, the Board believes ReNeuron will be best served by the appointment of a CEO with substantial, proven experience in these areas.

Simon Cartmell, an Independent Non-executive Director of the Company and a former biopharmaceutical executive with extensive experience in the sector, will provide support to the business during this transition period and will assist with the search for the new CEO, which is being handled by a leading international search firm.

Bryan Morton, Chairman of ReNeuron, said:

"After the transformational fundraising in 2013, the recent clearance to enter into Phase II for our lead stroke candidate and ahead of further expansion of the business, we believe now is the right time to initiate the search for a new leader to take the Company through the next stage of its development.  Michael has tirelessly led the business from its early research stage to its current position as one of the leading global players in this fast-emerging field of medicine, having pursued a successful strategy to progress our lead candidate into proof-of-concept clinical trials as well as building a strong pipeline of highly novel cell-based therapy candidates.  I and my fellow Directors are delighted he will remain with the Company to support our growth through this next exciting period of transformation for the business."

Michael Hunt, Chief Executive Officer of ReNeuron, said:

"With ReNeuron having made its transition to a well-funded, clinical-stage cell therapy business, it is time to reconfigure the leadership team to meet the challenges of the next phase of development.  I am proud to have led the business through that transition and I look forward to continuing to play a role in the Company's future success."

Enquiries:

ReNeuron	[phone]
Michael Hunt, Chief Executive Officer
Simon Cartmell, Non-executive Director
Buchanan	[phone]
Mark Court, Fiona Henson, Sophie Cowles
Cenkos Securities	[phone]
Stephen Keys, Dr Christopher Golden (NOMAD and Broker)
Andy Roberts (Sales)

About ReNeuron

ReNeuron is a leading, clinical-stage cell therapy development business.  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's therapeutic candidates for stroke disability and critical limb ischaemia are in clinical development and its cell-based treatment for blindness-causing diseases of the retina is currently in pre-clinical development. 

ReNeuron is also advancing a proprietary platform technology to exploit nanoparticles (exosomes) secreted by stem cells as potential new drug candidates targeting indications in tissue repair, fibrosis and cancer.

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.

 

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