ReNeuron Awarded Two Grants Under Regenerative Medicine Funding
11/30/2009 1:50:34 PM
Guildford, UK, 27 November 2009: ReNeuron Group plc (LSE: RENE.L) announces that it has been awarded two grants under the Government-backed Technology Strategy Board’s Regenerative Medicine Programme. This funding programme was launched earlier this year to underpin and enable the best regenerative medicine businesses to flourish in the UK.
The two awards total approximately £170,000. The awards are part of an initial £3 million competition launched in September to fund short-term therapeutic feasibility projects in the UK over the coming months. The intention is for awardees to use this funding to drive projects and collaborations that may participate in larger regenerative medicine funding initiatives to be launched by the TSB in 2010. ReNeuron will use the funding provided under these initial awards to complete the remaining steps to commencement of the Phase I clinical trial for its ReN001 stem cell therapy for disabled stroke patients, as well as progressing certain late pre-clinical activities with its ReN009 therapy for peripheral arterial disease.
Michael Hunt, Chief Executive Officer of ReNeuron, said:
“We are delighted to have been awarded these grants from the TSB. Although the amounts awarded in this first competition are relatively small, the awards represent a gateway to further and more substantial grant funding opportunities next year, as well as important third party recognition of the potential of our two principal therapeutic programmes.“
Commenting on the award to ReNeuron, Zahid Latif, the Technology Strategy Board's lead technologist for medicines and healthcare, said:
"We work with British businesses to encourage innovation and we target investment in areas where real business opportunities lie. The UK is a world leader in regenerative medicine but, if we are to fulfill our potential and successfully exploit promising discoveries, a number of development challenges need to be overcome. This is why we have introduced a Regenerative Medicine Programme. We are therefore delighted to award funding to ReNeuron and to support their world-class development activity."
ReNeuron is a leading, UK-based stem cell business. Its primary objective is the development of stem cell therapies targeting areas of significant unmet or poorly met medical need.
ReNeuron has received regulatory and conditional ethical approvals to commence a Phase I clinical trial in the UK with its lead ReN001 stem cell therapy for disabled stroke patients. The Company is developing stem cell therapies for a number of other conditions, including peripheral arterial disease and 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 Millipore Corporation.
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 a business-led, executive non-departmental public body, established by the UK government. Its role is to promote and support research into, and development and exploitation of, technology and innovation for the benefit of UK business, in order to increase economic growth and improve the quality of life. It is sponsored by the Department for Business, Innovation and Skills (BIS). For more information please visit www.innovateuk.org.
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.