The stem cell therapy developer ReNeuron raised €96M to conduct further clinical trials of its pipeline, and more specifically to pursue potential stroke, eye disease, and cancer treatments. The financial placement is supported by the already major shareholder Woodford Investment Management, allowing the latter to possess more than one-third of the company shares.
ReNeuron, a UK-based stem cell therapy company, develops ‘off the shelf’-treatments, that make additional immunosuppressive therapeutics no longer necessary. Thanks to conditional placing, the company raised €96M (£68.4M) to carry on with its recent progress. The sum represents the largest amount of money invested in a cell therapy company this year, according to ReNeuron, and should serve to propel its cell therapy R&D until the first half of 2019.
ReNeuron is especially optimistic about its Phase II/III stroke programme as well as its Phase I/II retinitis pigmentosa project, a potential treatment for patients suffering from this blindness-causing disease. Best case scenario, ReNeuron could make it to the market authorization application stage within the financed period.