Reneuron raises £10m to fund trials

RENEURON, the Aim-listed life sciences outfit that is using Glasgow's Southern General Hospital to conduct the world's first stem cell clinical trial, has raised £10 million in fresh funding.

The over-subscribed share placing with existing investors and the firm's directors will generate funds to help it complete its clinical trials.

Last month ReNeuron injected stem cells into the brain of a stroke patient to determine safe levels at which treatments could be given.

News of the cash call came as the firm published half-year results showing that interim pre-tax losses had widened from 1.9m to 2.5m.

Revenues rose from 14,000 to 18,000 but clinical expenditure jumped from 1.1m to 1.7m as the company stepped up its stroke project in Glasgow and increased its activity in its artery disease programme.