ReNeuron raises £33m as losses widen

LIFE sciences firm ReNeuron last night signalled its commitment to its clinical trials in Scotland after the Aim-quoted outfit received grants to move its head office from Surrey to Wales.

A spokesman for the company said it would continue with its tests at Glasgow’s southern general hospital – which is investigating whether stem cells can be used to treat stroke patients – and with its trial at Dundee’s Ninewells hospital.

ReNeuron has raised £25.35 million through a share placing and has received a further £7.8m in grant funding from the Welsh government to entice the firm to South Wales.

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The £100m Wales Life Sciences Investment Fund has subscribed for £5m-worth of shares in ReNeuron, with Sir Chris Evans – chairman of Arthurian Life Sciences, which manages the fund – taking a seat on the board as a non-executive director.

ReNeuron will begin to manufacture is stem cells in Wales. The work was previously carried out by Edinburgh-based Angel Biotechnology, the Aim-quoted firm that fell into administration in January.

Chief executive Michael Hunt said: “The Welsh grant package enables us to take control over the manufacture of our stem cell therapy candidates as they get closer to market.”

News of the deal came as full-year losses at ReNeuron widened to £7.1m from £6.5m.