ReNeuron raises £33m and plans to relocate operations to Wales

Suzie Neuwirth
AIM-LISTED stem cell research company ReNeuron yesterday said it has raised £25.35m through a share placement and plans to relocate from Guildford to Wales after receiving a £7.8m grant from the Welsh government.

The company will move its core operations to a new cell manufacturing and development facility in South Wales over the next two years.

“The overall funding package will transform the financial position of our business and its future prospects, and should allow us to take all of our therapeutic programmes through a Phase II proof-of-concept clinical study and to value inflection through commercial deals over the next three years,” said chief executive Michael Hunt.

Cenkos Securities acted as nominated adviser and broker on the fundraising,