ReNeuron to raise L25.4 million
ReNeuron Group plc (LSE:RENE) plans to raise L25.4 million ($38.7 million) in a placing of 1 billion shares at 2.5p to new investors Abingworth; Invesco; and the Wales Life Sciences Investment Fund. Existing investors and company directors also are participating. The price is a 17% discount to ReNeuron's close of 3.03p on Friday, before the offering was announced. The offering is subject to shareholder approval at an Aug. 7 meeting. ReNeuron also will receive a L7.8 million ($11.9 million) grant from the Welsh government to build a new facility in and relocate to Wales.
Sir Chris Evans, chairman of investment firm Arthurian Life Sciences, will join ReNeuron's board. Arthurian manages the L100 million ($152.6 million) Wales Life Sciences Investment Fund (see BioCentury, Feb. 4). ...