LONDON, 29 March 2006 -Lawyers from the London office of Morrison & Foerster are advising Renovo Group plc, the biopharmaceutical product company developing a portfolio of drugs to prevent and reduce scarring, on the launch of a Global Offer to institutional investors.  Renovo plans to list on the Official List of the London Stock Exchange.

Renovo began an institutional roadshow this week.  Following a bookbuilding exercise, it is expected that the announcement of the offer price and the commencement of conditional trading will take place on, or around, 6 April, 2006.

The gross proceeds of the Global Offer will be approximately £40 million. In addition, there will be an over-allotment option of up to 15%.  The funds received by the company will be used primarily to fund further development of its lead products, Juvista™ and Zesteem™.

Goldman Sachs International is acting as Sole Global Coordinator and Bookrunner for the Global Offer and Nomura Code Securities Limited is acting as Joint Lead Manager.

In addition to the Global Offer, Morrison & Foerster simultaneously advised the Company on the issuance of up to £15 Million of Convertible Loan Notes to existing investors (including Atlas Ventures, JPMorgan, Health Cap and Care Capital), with an initial tranche of approximately £10 million being immediately issued by the Company. The outstanding amount under the Note converts into ordinary shares at the IPO price upon admission to the Official List. This issuance of the Convertible Note represents the third successive major financing round of Renovo, all of which have been conducted by members of the Morrison & Foerster team.

The Morrison & Foerster team included Ed Lukins, Kristian Wiggert, Bradley Theobald, Natalie Diep, and Katie Chapman.

Partner, Ed Lukins commented, "We are delighted to be advising Renovo, and we have a long association with the company since it began commercial operations in October 2000.  This is the fifth healthcare IPO we have acted on in the past year, in addition to several secondary follow on issuances during the same period".  One of Renovo's most interesting products is Juvista, which is injected into the sides of wounds at the time of surgery or following an injury to prevent scar tissue forming.  Mark Ferguson and Sharon O'Kane developed the product after identifying a naturally occurring protein in alligator embryos that was responsible for healing without scarring.