ReNeuron upbeat despite wider losses

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Life sciences firm ReNeuron, which tests its products at hospitals in Dundee and Glasgow, today reported wider first-half losses but said a recent “transformational” fundraising had paved the way for it to pursue commercial deals.

The Aim-quoted firm posted a pre-tax loss of £3.5 million for the six months to the end of September, compared with £3.3m for the same period last year.

But chairman Bryan Morton said ReNeuron has taken “significant steps” to build future value in the business following a “transformational” deal in July to raise £33 million. The fundraising saw Sir Chris Evans, hailed as “Europe’s most-successful biotech investor”, join the company’s board.

Morton said the cash injection “provides us with the funding to both establish a world-class cell manufacturing facility and to realise value through the generation of solid clinical data and associated commercial deals over the next three years”.