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July 22, 2013
LONDON, 22 July, 2013 — Covington & Burling acted for AIM listed stem cell therapy company, ReNeuron Group plc, on its £33 million fund raising.
ReNeuron today announced that £25.35 million (before expenses) will be raised through an oversubscribed placing of new shares to fund the company’s therapeutic programmes through Phase II trials, together with a £7.8 million grant package to be provided by the Welsh Government to enable the company to establish a cell manufacturing and development facility in South Wales.
The financing package is amongst the largest fund raisings by any of the AIM listed life sciences companies this year and an endorsement of investor support for stem cell technology.
On 28 May 2013 ReNeuron had previously announced interim data for its stem cell therapy for stroke which showed a good safety profile and evidence of sustained reductions in neurological impairment and spasticity.
ReNeuron Group plc is a leading, clinical-stage stem cell business. The company’s primary objective is the development of novel stem cell therapies targeting areas of significant unmet or poorly met medical need. ReNeuron’s lead therapeutic candidate is its ReN001 stem cell therapy for the treatment of patients left disabled by the effects of a stroke, which is currently in clinical development.
The London-based Covington team was led by corporate partners, James Halstead and Paul Claydon, and included associates Kristian Shearsby and Sarah Hoult.