Clinical stage stem cell specialist Reneuron has announced it has raised £68.4m in what it claims is the largest funding round undertaken in the cell therapy sector globally this year.
The firm, which is relocating from Guildford to South Wales this year, is hoping to use the latest funding round to drive its programmes through to market authorisation application stage.
It has also announced a pre-tax loss for the year of £10.3m but said most of the losses were atrributable to research and development costs, along with general and administrative costs.
Olav Hellebø, Chief Executive Officer of ReNeuron, said: “The largest funding round undertaken in the cell therapy sector globally this year and underlines ReNeuron’s leading position in this field.
“The proceeds will enable us to rapidly exploit the potential of our CTX, hRPC and exosome nanomedicine therapeutic platforms, providing multiple opportunities to build value for our shareholders.
“In the case of our lead programmes in stroke and retinitis pigmentosa, the funding should provide sufficient financial resources to drive these programmes through to market authorisation application stage.”
On the latest financial results of the business Mr Hellebø said: “As a result of the fundraising announced today, the business benefits from a very strong balance sheet, the backing of high calibre institutional investors and an experienced management team focused on the delivery of clinical data and associated value generation across all of the Company’s therapeutic programmes over the next three years. We continue to look forward to the future with high confidence.”
Source – WalesOnline