Comment re: Government Initiative

RNS Number : 4065G

ReNeuron Group plc

11 May 2011

 



 

 

PRESS RELEASE

 

ReNeuron welcomes Government initiative to create elite cell therapy centre in UK

Guildford, UK, 11 May 2011: ReNeuron Group plc (LSE: RENE.L) welcomes yesterday's launch by the Technology Strategy Board of the first stage in the creation of a UK technology and innovation centre to support the development and commercialisation of cell therapies and advanced therapeutics.

The cell therapy centre will be the second of a network of technology and innovation centres to be established in the UK by the Technology Strategy Board with a Government investment of over £200 million over the next four years.   The centres will be business-focused, making world-leading technical capability available to businesses to solve their commercialisation challenges and to develop their products and services.

Announcing the launch of the cell therapy centre at the World Stem Cells and Regenerative Medicine Conference in London, David Willetts, Minister for Universities and Science, reiterated the UK Government's commitment to supporting growth in the field of stem cells and regenerative medicine, citing in his speech ReNeuron's UK stem cell clinical trial in disabled stroke patients as an example of the UK's strong position in the sector.

Michael Hunt, Chief Executive Officer of ReNeuron, said:

"The establishment of a cell therapy technology and innovation centre will be a boost to the field in the UK and is to be welcomed.  The model on which the wider technology and innovation centre initiative is based has worked successfully in other countries and ReNeuron looks forward both to being involved in the competition to establish the cell therapy centre and to being one of many cell therapy businesses that will benefit from it in the future."  

Enquiries:

Michael Hunt, Chief Executive Officer - ReNeuron              [phone]

Dr John Sinden, Chief Scientific Officer - ReNeuron

Lisa Baderoon, Mark Court, Isabel Podda                        [phone]

Buchanan Communications                                      

Antony Legge, Oliver Rigby                                                  [phone]

Daniel Stewart & Company plc                              

James Gallagher, Tim Graham                                           [phone]

Matrix Corporate Capital LLP                                

About ReNeuron

ReNeuron is a leading, clinical-stage stem cell business.  Its primary objective is the development of novel stem cell therapies targeting areas of significant unmet or poorly met medical need.  

ReNeuron has used its unique stem cell technologies to develop cell-based therapies for significant disease conditions where the cells can be readily administered "off-the-shelf" to any eligible patient without the need for additional immunosuppressive drug treatments.  ReNeuron's lead candidate is its ReN001 stem cell therapy for the treatment of patients left disabled by the effects of a stroke. This therapy is currently in early clinical development.  ReNeuron's ReN009 stem cell therapy is being developed as a treatment for peripheral arterial disease, a serious and common side-effect of diabetes. The Company is also developing stem cell therapies for other conditions such as blindness-causing 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.

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.

 

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