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ReNeuron Group plans £8.5 million private placement of stock, ADS
By Sheri Kasprzak
New York, April 5 - ReNeuron Group plc said it is in talks to conduct a £8.5 million private placement of shares and American Depositary Shares.
The shares and ADS will be offered to U.S.-based institutional investors.
The pricing terms of the offering have not yet been determined.
Proceeds from the deal will be used to fund the company's lead ReN001 program for the treatment of strokes and to fund other therapeutic programs.
Separately, ReNeuron said it plans to list its stock on a U.S. exchange.
Based in Guildford, England, ReNeuron develops adult stem cell therapies.
On Tuesday, the company's stock closed at 16.09p (London: RENE).
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