Statement Regarding Possible Offer for Renovo

LONDON, April 6, 2009--Following recent press speculation and share price movement Renovo Group plc (LSE: RNVO), the biopharmaceutical company developing drugs for the reduction of scarring and acceleration of healing, confirms that it has received an unsolicited preliminary non-binding approach that may or may not lead to an offer being made for the Company.

The discussions are currently at an early stage and the Board will make further announcements as necessary in due course.

The Company is therefore deemed to be in an Offer Period for the purposes of the Takeover Code.

Dealing Disclosure Requirements:

Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the “Code”), if any person is, or becomes, “interested” (directly or indirectly) in 1% or more of any class of “relevant securities” of the Company or, (in the event of an offer being made for the Company) the offeror, all “dealings” in any “relevant securities” of the Company (including by means of an option in respect of, or a derivative referenced to, any such “relevant securities”) must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the “offer period” otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an “interest” in “relevant securities” of the Company, they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all “dealings” in “relevant securities” of the Company or the offeror by the Company, or the offeror, or by any of their respective “associates”, must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose “relevant securities” “dealings” should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel’s website at www.thetakeoverpanel.org.uk.

“Interests in securities” arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an “interest” by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the Panel’s website. If you are in any doubt as to whether or not you are required to disclose a “dealing” under Rule 8, you should consult the Panel.

Disclosure in accordance with Rule 2.10 of the City Code:

The Company’s ordinary shares are traded on the market for Officially Listed securities of the London Stock Exchange plc with ISIN No. GBOOBO81NX89.

The Company confirms that it has in issue: 190,057,371 ordinary shares of 10 pence each.

For further information, please contact:

Renovo Group plc
Prof Mark Ferguson
CEO +44 (0) 161 276 7121
Simon Bielecki, Vice President, Communications
+44 (0) 161 276 7142

Buchanan Communications
Mary-Jane Johnson/Tim Anderson/Catherine Breen
+44 (0) 20 7466 5000

Posted: April 2009


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