15th Apr 2014 10:01
LONDON (Alliance News) - Stem cell therapy company ReNeuron Group PLC said Tuesday that it had signed an agreement with the Welsh Government to lease a new research and development facility at the Pencoed Technology Park near Cardiff, South Wales.
ReNeuron expects to begin to relocate its operations to the new site in April 2015. The new site be used for its late-stage clinical and initial commercial product requirements starting from 2016, once it has been licensed for the manufacture of cells that meet good manufacturing practice guidelines.
The Welsh Government will cover the cost of converting and fitting out the building as part of a financial support package.
ReNeuron hopes to create up to 70 jobs at the site.
"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," said Chief Executive Michael Hunt in a statement.
Shares in ReNeuron were trading down 1.3% at 3.01 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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