ReNeuron – the pioneering stem cell regenerative therapy company that is relocating to Wales as part of a £33m investment – has signed an agreement with the Welsh Government to lease a landmark building at Pencoed Technology Park, adjacent to the M4 motorway near Bridgend.
The agreement marks a key milestone in plans to create what will be one of the foremost facilities in the UK for manufacturing novel therapeutic stem cell products, to scale, and in an automated manner.
ReNeuron plans to relocate its existing jobs and create up to a further 70 new highly skilled jobs in Wales. The Aim-listed company is taking over the entire ground floor of the building, more than 25,000 sq.ft. in size.
ReNeuron is the first company in the world to have been granted permission to run clinical trials using neural stem cells to treat patients left disabled by the effects of strokes, one of the top three causes of death.
It has also started clinical trials with its cell therapy candidate for critical limb ischaemia , a serious and common side effect of diabetes, and is also developing therapies for diseases of the eye that lead to progressive loss of sight.
Detailed design work is underway to provide a state-of-the-art facility for ReNeuron to include research and development laboratories, GMP clean rooms designed for automated cell culture, and office accommodation, with scope to expand further if required in the future. The facility will be almost three times the size of ReNeuron’s existing base in Guildford.
The Welsh Government is supporting the establishment of the cell manufacturing and development facility for ReNeuron’s late-stage clinical and commercial product requirements. The financial package awarded to ReNeuron last year includes a £5m equity investment from the £100m Wales Life Sciences Investment Fund managed by Arthurian Life Sciences.
The new facility is due to be handed over in April 2015 and is expected to be licensed for GMP cell manufacture from 2016 onwards.
Economy Minister Edwina Hart said:
“I am delighted that plans are now well underway for ReNeuron’s relocation to Wales. Life sciences is one of our priority economic sectors and regenerative medicine is fast becoming an emerging area for Wales thanks to the presence of some world class researchers.
“We have ambitious plans to grow this sector and build on our existing strengths. Attracting a company of the calibre of ReNeuron is central to this strategy. Their pioneering work is renowned internationally and the decision to move to Wales has created interest around the world.
“We have received a number of serious enquiries from other companies working in this field on the back of ReNeuron’s announcement to relocate. They are considering expanding into Wales to join a growing cluster of life science companies in the Bridgend area.”
Michael Hunt, CEO of ReNeuron said:
“We are delighted to have signed an agreement to lease this landmark building in South Wales, which marks a further significant step in ReNeuron’s commercialisation strategy. When complete, we believe the building will house the UK’s most advanced commercial cell therapy manufacturing facility and we are delighted to continue to work with the Welsh Government to bring this important project to fruition.
“Taking full control of the manufacture of our cell-based therapies is a key value driver for our business, reducing risk and enabling considerable future cost savings through manufacturing efficiencies and downstream economies of scale. Combined with the recent success we have achieved in developing off-the-shelf cryopreserved cell therapy candidates, we believe we are at the forefront in creating a commercially viable cell therapy business.”