Sale of Prevascar Assets

Pursuant to Renovo's (LSE: RNVO) announcement of the 13th December 2012 that the Company had entered into an agreement to sell its Prevascar assets to the Palo Alto based pharmaceutical company ARMO Biosciences Inc (formerly Targenics Inc) for cash consideration of USD660,000 (USD160,000 of which was to remain outstanding until certain conditions under the agreement have been satisfied). The Company today is pleased to announce that it has now received the remaining USD160,000 apportionment of the consideration from ARMO Biosciences Inc as a consequence of the satisfaction of all remaining conditions under the agreement.

The final proceeds from the disposal will further strengthen the Company's balance sheet giving it greater flexibility in its current strategy to maximize returns for its shareholders.

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