ReNeuron leases building for relocation of business

15th Apr 2014 12:23

AIM-listed ReNeuron has signed a deal with the Welsh government to lease a landmark building at Pencoed Technology Park, near Cardiff in South Wales.The stem cell therapy company explained that it will build a new state-of-the-art facility at Pencoed, to which it will relocate the business next year. The move will unite various elements of the firm's business activities in a single location, which it said would provide operational synergies to aid therapeutic candidates as they move through clinical development to future market approval. ReNeuron said it expects the move will create up to another 70 jobs at the site in the next two years. Michael Hunt, Chief Executive Officer 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 business development 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."The relocation is expected to take place in April next year, once the conversion of the building is complete. NR