LONDON (SHARECAST) - ReNeuron Group has won two grants worth 1.2m pounds to develop its stem cell therapy.

The grants were awarded by the UK Biomedical Catalyst, a programme of public funding jointly managed by the Technology Strategy Board and the Medical Research Council.

The first award of 0.4m will be used for ReNeurons ReN009 stem cell therapy candidate for critical limb ischaemia, a severe blockage in the arteries which markedly reduces blood-flow to the extremities including hands, feet and legs.

The second award of 0.8m relates to the company's ReN003 stem cell candidate for the treatment of retinitis pigmentosa, an eye disease in which there is damage to the retina.

Michael Hunt, the Chief Executive Officer of ReNeuron, said: "We are delighted to have been successful in winning the two grants we applied for in the current round of the Biomedical Catalyst funding competition.

"This highly competitive scheme involves a rigorous peer review of applicants' technologies and commercial development plans.

"In common with other awardees, we therefore regard the grants as representing a strong independent endorsement of ReNeuron's world-class stem cell development capabilities which we hope will eventually lead to the wide-scale treatment of disease conditions where there is currently a very large unmet medical need."

Shares rose 0.86% to 2.94p at 08:52 Monday.

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ReNeuron Group wins grants for stem cell therapy development