Arthurian Life Sciences Ltd. has facilitated the funding commitment worth GBP 12.8 million from Welsh Government for ReNeuron to pursue clinical trials for stem cell technology. This brings ReNeuron's total to GBP 33.2 million from venture capitalists, investors and hedge funds.
According to the financial package, the government committed GBP 7.8 million in non-dilutive grants and another GBP 5 million as direct investment from the Wales Life Sciences Investment Fund. The funding agency is being managed by Arthurian.
The agreement will also allow ReNeuron to migrate to its new factory in Wales.
Prof. Sir Chris Evans, Chair of Arthurian Life Sciences, arranged the funding assistance by convincing ReNeuron's board of directors to create a manufacturing facility in Wales that will house the R&D and production line.
Evans also facilitated a investors' meeting which ultimately resulted to the world's leading companies such as Pharma, Abingworth Partners, Medical committing to help raise the money. In a span of one week, ReNeuron and Evans exceeded by GBP 7 million their original target of GBP 15 million.
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