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Arthurian Life Sciences Fund arranges GBP13.8m ReNeuron tuning commitment

Arthurian Life Sciences Limited, manager of the new GBP100m Wales Life Sciences Investment Fund, has arranged a GBP13.8m funding commitment from the Welsh Government to enable ReNeuron to relocate to Wales and continue to grow the stem cell R&D, clinical trials and manufacturing base of the company.  

 
The funding package is made up of GBP5m direct equity investment from the Wales Life Sciences Investment Fund and a GBP7.8m commitment of non-dilutive grants from the government.
 
This investment has formed the cornerstone of a total fundraising of GBP33.2m for the company in which several other international life sciences investors, hedge funds and venture capitalists, including Invesco and Abingworth, have joined Arthurian as part of the fundraising.
 
Stem cells are one of the most exciting fields in medical science today given their potential to regenerate and repair damaged or diseased tissue. After many years in development, a number of therapies are now either available or in the clinic. Over many years, ReNeuron has led the way with the development of its CTX cell line.
 
Arthurian chairman Professor Sir Chris Evans orchestrated a plan structure to bring to Wales a listed English company with unique technology and secure sufficient financial support from institutional investors to enable it to progress several of its products to a value inflexion point, making this an attractive investment for Wales and for the Wales Life Sciences Investment Fund. The non-dilutive nature of the Welsh grant monies towards all of ReNeurons future growth also make this move to Wales an attractive benefit to the company and all its shareholders. 
 
Evans will join the board and bring his extensive range of skills and international networks to the future growth of ReNeuron.
 
Once the board of ReNeuron had committed to the Welsh plan put forward by Evans, the Arthurian investment committee chaired by former Rothschilds biotech veteran Jeremy Curnock Cook and the Welsh Government’s life sciences team under Business Minister Edwina Hart, were able to complete extensive due diligence and commit their combined GBP13.8m package in a matter of weeks.
 
Lord John Hutton, a board member of Arthurian, says: "I was incredibly impressed by the creativity, speed and rigour of the Arthurian investment managers and delighted to see them working in excellent partnership with the Welsh Government’s own expert due diligence team to complete such a complex and substantial transaction in a matter of weeks."
 
Evans says: “Among the hundreds of deals Arthurian has screened as it seeks investments for the Wales Life Sciences Fund, this is one of the most exciting and hugely significant transactions for both Wales and the future of medicine. 
 
“This transaction represents the sort of exciting and innovative deal and investment that will become the hallmark of this Arthurian investment strategy for Wales. The underlining theme throughout all that Arthurian does is to seek out exciting, high quality international life science businesses and assemble bespoke, but substantial, funding packages that will use Wales as a base, using the Fund, reputable specialist co- investors and the Welsh Government itself. These packages will consist of equity investment, non-dilutive grants, very competitive loans and other infrastructural financial incentives to give businesses the best possible growth prospects as they launch their international activities from their Welsh base.”  

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