Stem cell company, ReNeuron, will return to the UK’s Alternative Investment Market on Friday after successfully raising £9.5 million from US and UK investors. The company was taken into private hands two years ago after a number of product disappointments [[01/05/03g]].
Its return to the market will give it a market capitalization of £23.4 million, which will be used to fund clinical trials of the company’s lead ReN001 stroke programme, as well as other stem cell products in Huntington’s disease, Parkinson’s disease, type 1 diabetes and retinal diseases. The first data from the stroke programme are expected in 2007.
Professor Trevor Jones, Chairman of ReNeuron and former Director-General of the Association of the British Pharmaceutical Industry, told PharmaTimes News Online that this injection of new cash “provides the opportunity we need to take our human stem cells to proof of principle in man. We believe that no other company is at such an advanced stage in this field.”