Stem cell research company, ReNeuron has said that it has been able to raise about through a share placement on the stock exchange.

The company, which is listed on AIM, has also said that it is moving from Guildford to Wales from it obtained £7.8m grant from the Welsh government. The company said that it would move its core operations to a new cell manufacturing and development facility to the south of Wales during the coming two years. The £100m Wales Life Sciences Investment Fund took up £5m-worth of shares in ReNeuron and Sir Chris Evans, chairman of Arthurian Life Sciences that managed the fund, will now become a non-executive director on the company’s board.

Michael Hunt, the chief executive of ReNeuron said, “The overall funding package will transform the financial position of our business and its future prospects, and should allow us to take all of our therapeutic programmes through a Phase II proof-of-concept clinical study and to value inflection through commercial deals over the next three years.”

The company also said that it is till commitment to its clinical trials in Scotland and that it would continue tests at Glasgow’s southern general hospital and its trial at Dundee’s Ninewells hospital.