Stem cell specialist ReNeuron Group (LON:RENE) revealed that City veteran Martin Hughes and his Toscafund has sold its stake in the group.
A regulatory statement on Friday showed that around 97.4% mln shares and associated voting rights had been sold on Tuesday this week, cutting the previous stake from around 5.44%
It was first revealed that Toscafund had taken a major interest in ReNeuron in January,2011.
Last week the group received the green light to begin its first ever clinical trial in the US.
The Food & Drug Administration, which regulates these studies, has given the go-ahead for the use of the AIM-listed group’s human retinal progenitor cell therapy candidate in 15 patients with retinitis pigmentosa (RP).
RP is a group of hereditary diseases of the eye that lead to progressive loss of sight due to cells in the retina becoming damaged and eventually dying.
Preparations have already begun and ReNeuron said it expects the study to start in the second half of this year.