Shares were placed with new investors at 4 pence each (last night’s close was 3.99 pence), raising £5.4 million, while existing shareholders were able to participate in the open offer portion of the cash call, adding a further £700,000.
Chief executive Michael Hunt said: “We have raised sufficient overall net proceeds to enable us to progress the company's development strategy to key pre-clinical, regulatory and clinical milestones over the coming year across our core therapeutic programmes."
ReNeuron's ReN001 therapy is currently being used to treat disabled stroke patients as part of the ground-breaking PISCES Study being carried out in Scotland.
In all, 12 stroke sufferers will be given varying doses ReN001 as part of this early-stage trial.
ReNeuron said earlier this month that five patients had been treated in the PISCES stroke study - all three in the first dose cohort and two in the second dose cohort.
No cell-related adverse events or adverse immune-related responses have been reported in any of the patients treated to date, it added, with all five patients seeing some measure of improvement in outcomes, it added.
The company said it expects that the remaining high-dose patient cohorts in the PISCES study will have been treated within the next twelve months, leaving it on-track to submit an application to commence a Phase II study with ReN001 next year.
The ReN001 therapy is based around ReNeuron’s lead neural stem cell line, designated CTX by virtue of its origin from the cortex region of the brain.
The firm’s other stem cell therapies include ReN009, targeted at peripheral arterial disease , and ReN003, its therapy programme focused on diseases of the retina.
PAD is a chronic, debilitating disease that progressively restricts blood flow in the limbs, causing cramping and chronic pain, and in rare cases it can lead to the loss of a limb.
During the past year, ReNeuron’s collaborators on its ReN009 programme at the Bristol Heart Institute have presentedpositive pre-clinical efficacy data.
It is continuing to collaborate with the Schepens Eye Research Institute at Havard Medical School on its ReN003 programme.