ReNeuron, the Aim-quoted life sciences outfit that tests its products at hospitals in Dundee and Glasgow, was yesterday awarded “orphan drug” status for its experimental stem cell treatment for eye diseases.
The move could help attract grant funding and, if the treatment is turned into a medicine, then it may be granted exclusive access to markets for ten years by the European Commission and the United States Food & Drug Administration.
Chief executive Michael Hunt added: “Orphan status diseases are an increasing area of therapeutic and commercial focus by the mainstream pharmaceutical industry due to the distinct regulatory and market exclusivity advantages that orphan drug designation confers. This fact bodes well for the commercial potential of our therapy.”
Sir Chris Evans, hailed as “Europe’s most-succesful biotech investor”, joined ReNeuron’s board last month.