Relocation to create jobs boost

A Surrey-based firm specialising in stem cell research is to relocate to Wales.

ReNeuron has been based in Guildford, Surrey, since being founded in 1997 and markets itself as a "leading clinical-stage" business. But it will make the move across the border after securing 33.2 million to boost its operations.

Of that figure, 5 million has come via the taxpayer-backed Wales Life Sciences Investment Fund and a 7.8 million grant from the Welsh Government.

Business minister Edwina Hart welcomed the news saying life sciences could become a key sector in the principality's economy, adding: "I am delighted by the news that ReNeuron has decided to move to Wales.

"ReNeuron is the first company in the world to have been granted permission to run clinical trials of ground-breaking stem cell technology to treat patients with stroke, one of the top three causes of death and a leading cause of adult disability in Wales. This is the second investment made by the Wales Life Sciences Investment Fund, a key component in our strategy to support the growth of the life sciences sector in Wales - one of our key priority sectors with the potential to make a significant contribution to the Welsh economy."

ReNeuron will be bringing 25 jobs to South Wales in the next two years, and bosses hope to expand their workforce to around 70 people. While it has not been revealed exactly where the company will be based, it is understood to be looking at "a number of potential sites" between Swansea and Cardiff.

The Welsh Government says life sciences - including pharmaceutical and medical technology firms - is worth around 1.3 billion to the economy and 15,000 jobs. And officials say ReNeuron's stem cell research could boost this sector further - especially given the increasing demand in this field given its potential to regenerate and repair damaged or diseased tissues.

Ministers have previously spoken about their desire to make Wales an attractive place for scientific research and development. Earlier this year, the Government announced it was funding half of the 100 million Life Sciences Investment Fund, which is managed by Arthurian Life Sciences.

Mrs Hart said Arthurian chairman Professor Sir Chris Evans had played a key role in bringing ReNeuron to Wales. Scientist and entrepreneur Sir Chris has created over 50 medical companies - with some going on to be sold as multimillion-pound enterprises.

"I am delighted with the speed and professionalism of Sir Chris and his Arthurian Board at securing this excellent opportunity for Wales," added Mrs Hart.

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Relocation to create jobs boost