A listed MedTech company has emerged from a year-long administration and been relaunched as a private company.
In March 2024 Mark Smith and Stephen Cork of Cork Gully were appointed as administrators of ReNeuron Group plc along with its UK subsidiaries ReNeuron Holdings Limited, ReNeuron Limited and ReNeuron (UK) Limited.
In May 2024 CFO John Hawkins left the group, based in Pencoed, South Wales, which floated in 2005. It subsequently saw its shares suspended from trading on 2nd September 2024.
As six months have now passed, the company has now been delisted from the London Stock Exchange’s junior AIM market.
ReNeuron – behind a stem cell-derived, exosome-based, drug delivery platform – has now exited administration as a ‘going concern’, relaunching as a private company and led by a new managing director in Randolph Corteling.
“During administration, with the support and encouragement of the administrators, Randolph Corteling, our chief scientific officer, and I have explored the opportunity to re-launch and re-position ReNeuron as a private BioTech company focused on its stem cell line development expertise, IP and know-how,” said Iain Ross, chairman (pictured).
“I confirm that the company has exited administration as a ‘going concern’ and has sufficient working capital to support its operations for a minimum of 12 months and has already identified a number immediate licence and fee generating opportunities.
“In addition, I am very pleased to announce that Randolph has been appointed as managing director and will lead the company through its next phase of development.”
The ReNeuron board will comprise Ross and Corteling with Barbara Staehelin, who remains as a non-executive director and chair of the audit & risk committee.
Non-executive directors Michael Owen and Martin Walton have stood down from the board effective immediately.
“As the company is no longer a publicly listed company, I confirm our intention is to work closely with our existing shareholders to determine the best outcome for them including exploring options to allow shareholders to trade shares privately. Further details will be communicated in due course,” added Ross.
Corteling said: “I am very excited to take on this new challenge as I have always believed ReNeuron has a significant untapped potential to generate an income revenue stream by making available through licences and collaborations a proportion of its’ portfolio of established stem cell lines for research and development purposes, whilst continuing to work in collaboration with third parties to address and overcome their drug delivery challenges by utilising ReNeuron’s proprietary exosomes-based drug delivery platform – CustomEX.
“Our vision is to exploit the CustomEX platform to enable the targeted delivery of advanced therapeutic modalities such as siRNA, mRNA and gene editing complexes and to develop the next generation of gene therapies, in partnership with biotech or big pharma, for previously untreatable disease of the CNS, lung and liver.
“This will be facilitated by the out-licensing of our unique stem cell lines to create a cost-effective and self-sustaining R&D business.”