Guildford, UK, 1 August 2013: ReNeuron is pleased to announce that it has been awarded a £1.5 million grant from the Technology Strategy Board (TSB), an innovation agency of the UK Government, under its Supporting Regenerative Medicines and Cell Therapies Competition.
The grant will part-fund the Company’s Phase II clinical trial of its ReN001 stem cell therapy for disabled stroke patients. The trial is expected to commence in the UK later this year.
Earlier this year, the Company was awarded two further grants from the TSB under its Biomedical Catalyst scheme, to part-fund its therapeutic programmes targeting critical limb ischaemia and retinitis pigmentosa. The Company is also receiving support from the Cell Therapy Catapult, an innovation centre established by the TSB, with regard to the processes used to manufacture the Company’s cell-based therapeutic candidates.
Michael Hunt, Chief Executive Officer of ReNeuron, said:
“We are delighted to have won this latest grant award, which, along with the other grants we have won this year, we take as a strong independent endorsement of the strength of our stem cell technologies and therapeutic programmes. These grant awards, together with our recently-announced £25 million equity fundraising and £7.8 million grant package from the Welsh Government, have given the Company an extremely robust financial position from which to drive forward to value realisation across all of our therapeutic programmes over the next three years.”
- ReNeuron +44 (0) 1483 302560
Michael Hunt, Chief Executive Officer
Pat Huggins, Head of Finance
- Buchanan +44 (0) 20 7466 5000
Mark Court, Fiona Henson, Sophie Cowles
Cenkos Securities +44 (0) 20 7397 8900
Stephen Keys, Adrian Hargrave (NOMAD and Broker)
Andy Roberts (Sales)
ReNeuron is a leading, clinical-stage stem cell business. Its primary objective is the development of novel stem cell therapies targeting areas of significant unmet or poorly met medical need.
ReNeuron has used its unique stem cell technologies to develop cell-based therapies for significant disease conditions where the cells can be readily administered “off-the-shelf” to any eligible patient without the need for additional immunosuppressive drug treatments. ReNeuron’s lead candidate is its ReN001 stem cell therapy for the treatment of patients left disabled by the effects of a stroke. This therapy is currently in clinical development. The Company is also developing stem cell therapies for other conditions such as critical limb ischaemia, a serious and common side-effect of diabetes, and blindness-causing diseases of the retina such as retinitis pigmentosa.
ReNeuron has also developed a range of stem cell lines for non-therapeutic applications – its ReNcell® products for use in academic and commercial research. The Company’s ReNcell®CX and ReNcell®VM neural cell lines are marketed worldwide under license by USA-based Merck Millipore.
ReNeuron’s shares are traded on the London AIM market under the symbol RENE.L. Further information on ReNeuron and its products can be found at www.reneuron.com.
About the Technology Strategy Board
The Technology Strategy Board is the UK’s innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. For more information please visit www.innovateuk.org.