LONDON: ReNeuron Group plc, a pioneering UK-based biotechnology firm specializing in stem cell derived exosome technologies, has announced the board’s decision to appoint administrators.
This move comes as a follow-up to the company’s previous announcement on 5 February 2024, which highlighted ongoing business development and financing discussions.
Despite exhaustive efforts to explore various corporate strategies and to realize value from its assets, ReNeuron has encountered challenges in confirming its solvency status.
The company has been in active negotiations with creditors to find a sustainable path forward that would enable continued operations at reduced costs. However, these discussions have not yielded the necessary progress to assure financial stability.
As a result, the board has resolved to take the precautionary step of entering administration, expected to be effective within the next business day. Cork Gully LLP is slated to be appointed as the administrator, with an official notice to be filed imminently.
The administration process will not halt discussions with potential investors, partners, and creditors, as the company remains open to dialogue and solutions that could facilitate ongoing trade. Further updates are anticipated as the situation evolves.
The outcome of the administration, particularly concerning shareholder returns, remains uncertain at this juncture. Stakeholders are advised to await further announcements for clarity on the financial implications of this development.