Guildford, UK, 6 December 2011: ReNeuron welcomes the announcement by the Prime Minister of a coordinated life sciences strategy to provide a foundation for the future of the bioscience sector in the UK.
The Life Sciences Strategy includes a number of measures which the Company expects to directly benefit from as they are implemented. These include measures to improve the funding environment for bioscience companies, measures to streamline the UK regulatory process and promote clinical research within the NHS, and proposals to increase the speed and efficiency of routes to market approval for innovative, breakthrough therapies.
As part of the Life Sciences Strategy and in recognition of the strategic importance of regenerative medicine to the UK’s bioscience sector and the UK’s prominence in this field, the Technology Strategy Board will, in conjunction with the Department for Business, Innovation and Skills, invest up to £50 million over the next five years in a Cell Therapy Technology Innovation Centre to be located in London and focused on the development and commercialisation of cell therapies and advanced therapeutics. ReNeuron’s Chief Executive Officer, Michael Hunt, will sit on the interim steering group composed of members of the TSB governing board and industry partners, established to appoint the centre’s leadership team and shape the direction and operational vision for the centre.
Michael Hunt commented:
“The initiatives in the Government’s Life Sciences Strategy are to be welcomed and represent positive news for ReNeuron. As a UK bioscience business already utilising the UK’s research and clinical infrastructure to develop its advanced cell-based therapies, we expect to directly benefit from these initiatives over time.”
Michael Hunt, Chief Executive Officer – ReNeuron +44 (0) 1483 302560
Dr John Sinden, Chief Scientific Officer – ReNeuron
Lisa Baderoon, Mark Court, Isabel Podda +44 (0) 20 7466 5000
David Hart, Oliver Rigby +44 (0) 20 7776 6550
Daniel Stewart & Company plc
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 peripheral arterial disease, a serious and common side-effect of diabetes, and blindness-causing diseases of the retina.
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.
This announcement contains forward-looking statements with respect to the financial condition, results of operations and business achievements/performance of ReNeuron and certain of the plans and objectives of management of ReNeuron with respect thereto. These statements may generally, but not always, be identified by the use of words such as “should”, “expects”, “estimates”, “believes” or similar expressions. This announcement also contains forward-looking statements attributed to certain third parties relating to their estimates regarding the growth of markets and demand for products. By their nature, forward-looking statements involve risk and uncertainty because they reflect ReNeuron’s current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of factors could cause ReNeuron’s actual financial condition, results of operations and business achievements/performance to differ materially from the estimates made or implied in such forward-looking statements and, accordingly, reliance should not be placed on such statements.