Cell-based therapeutics developer ReNeuron Group has signed an exclusivity agreement with a US pharmaceutical company for the potential out-licensing of its retinal stem cell technology.

As part of the agreement, MediWales reports Bridgend-based ReNeuron will receive a non-refundable $2.5m (£1.9m) cash payment. A further $2.5m is payable subject to the completion of certain due diligence activities during the exclusivity period.

ReNeuron said it aims to sign a definitive out-licensing agreement with the US-based company later this year. The move is expected to comprise a worldwide licence, excluding China.

Olav Hellebø, chief executive of ReNeuron, said “ReNeuron has been actively engaged in discussions with various parties during the past few months regarding the potential partnering of our hRPC retinal stem cell technology and programmes. We are very pleased to be entering a period of further discussion and due diligence on an exclusive basis with one of these parties and hope to announce an agreement later this year. In addition to this, we are in detailed discussions with a number of companies in connection with our other programmes.”