ReNeuron cash call will last two years

Stem cell therapies developer ReNeuron is raising £10m from a share issue at 5.5p a share. 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.The directors are subscribing for 500,000 shares. There was a cash outflow of £2.04m in the six months to September 2010. The first patient has been treated with the ReN001 stem cell therapy for strokes and there has been positive data from the trial for the ReN009 stem cell therapy for peripheral arterial disease.