ReNeuron Raised £10 million in Stem Cell TherapiesBy Mayuri, Gaea News Network
Tuesday, December 14, 2010
LONDON (GaeaTimes.com) — ReNeuron, the leading stem cell therapies developer has raised 10 million in fresh funding.
The cash will finance the pre-clinical and clinical development costs of the main drug programmes, as well as general running costs, for the next two years. The cash will also be used to complete manufacturing optimisation and scale-up of CTXcryo, the long shelf-life variant of Reneuron’s lead CTX stem cell product.
Last month ReNeuron injected stem cells into the brain of a stroke patient to determine safe levels at which treatments could be given. Revenues rose from 14,000 to 18,000 but clinical expenditure jumped from 1.1m to 1.7m as the company stepped up its stroke project in Glasgow and increased its activity in its artery disease programme.