Stem cell research firm £33.2m move

22 July 2013 Last updated at 10:49 ET

A medical company is due to relocate to south Wales after securing 33.2m to continue its research into stem cells which can repair damaged tissue.

ReNeuron has received almost 13m in Welsh government grants and investments as part of its move from Guildford.

Minister Edwina Hart said life sciences was a key business sector with the "potential to make a significant contribution to the Welsh economy".

The company is working on treatment for stroke patients.

Bosses are planning to relocate to south Wales over the next two years, bringing 25 jobs and possibly expanding to employ about 70 people.

Sir Chris Evans has made a career and a fortune out of starting up and building medical companies.

He has a rare combination of skills which include a scientific background as a microbiologist and a hard-nosed sense of finance and profits.

He says the companies he's set up over a 20 year period employ nearly 5,000 people in the UK.

Much of his work has been in the Cambridgeshire area but Economy Minister Edwina Hart is hoping his expertise can be used to benefit the Welsh medical technology and pharmaceutical industry, running Wales' 100m life sciences investment fund.

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Stem cell research firm £33.2m move