Contract with Angel Biotechnology Holdings plc

RNS Number : 7451J

ReNeuron Group plc

05 July 2011

 



 

 

PRESS RELEASE

 

ReNeuron extends contract manufacturing arrangements with Angel Biotechnology for its ReN001 stroke therapy

Guildford, UK, 5 July 2011: ReNeuron Group plc (LSE: RENE.L) ("ReNeuron" or the "Company") announces that it has signed a new contract with Angel Biotechnology Holdings plc ("Angel") for development and GMP (Good Manufacturing Practice) manufacturing services in support of its development programme for its ReN001 stem cell therapy for stroke. 

The work programme is expected to continue through to mid-2012 and includes the GMP manufacture and related work for future cohorts of patients in ReNeuron's ongoing PISCES clinical trial with ReN001 in stroke.  The contract is structured in such a way that it allows much more flexibility for both parties in terms of work scheduling, thereby giving ReNeuron the ability to match the needs and opportunities of its growing development programmes in real time.

Michael Hunt, Chief Executive Officer of ReNeuron, said:

"We are pleased to be extending our contract manufacturing arrangements with Angel by way of this new contract.  Critically, the new contract provides ReNeuron with guaranteed GMP manufacturing and non-GMP development slots over an extended period, allowing for more efficient and flexible planning and thereby further de-risking our out-sourced manufacturing model for our ReN001 stem cell product for stroke. "

Gordon Sherriff, Chief Operating Officer of Angel Biotechnology Holdings plc, said:

"Angel is delighted that ReNeuron has chosen to further strengthen our companies' working relationship by entering into a longer term contract allowing the parallel development and GMP production of its primary products.  We are very pleased that ReNeuron's PISCES clinical trial in stroke is proceeding well and look forward to continuing to provide our highest quality manufacturing support for this clinical trial."

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, Steve Waterman                                     [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 clinical development.  The Company is also developing stem cell therapies for other conditions such as peripheral arterial disease, a serious and common side-effect of diabetes, and 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 Merck Millipore.

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 Angel

Angel Biotechnology Holdings plc is a full service contract bio-manufacturing partner to biotechnology and pharmaceutical companies worldwide. Angel specialises in advanced biologics including biopharmaceutical proteins and cell therapies, such as cellular vaccines and stem cells. At present, Angel's products are principally used in pre-clinical studies and clinical trials with a view to becoming the contract manufacturer of choice on a continuing basis.

Drug development companies outsource their biopharmaceutical manufacturing requirements to Angel to reduce their own capital requirements and enable them to develop products more rapidly.  In addition, Angel provides complete regulatory services and documentation to its customers while its manufacturing processes adhere to the most stringent regulatory requirements. Products are produced to current Good Manufacturing Practice (cGMP) standards as required by the US Food and Drug Administration (FDA), and in facilities that are certified to European standards by the Medicines and Healthcare products Regulatory Agency (MHRA).

Its customers range from early-stage biotechnology companies including ReNeuron Group plc and US-based Pathfinder Cell Therapy, to established pharmaceutical companies such as Russian-based Materia Medica Holdings. 

Angel has two facilities: Pentlands Science Park near Edinburgh where it employs 32 people, and a site in Cramlington, near Newcastle-upon-Tyne, which is expected to be commissioned by the end of 2011, initially employing up to 10 people.

More information is available at www.angelbio.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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