ReNeuron 'well funded' for next round of development
Therapeutics developer ReNeuron told investors that it was well-funded for the next round of development.
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In a Thursday morning trading update, ReNeuron revealed that it was in preliminary negotiations to out-licence its retinal disease treatment and confirmed its plans to move ahead on its work with stroke victims.
Data from ReNeuron's phase II study of its CTX cell line showed that members of the test group had displayed "sustained improvements in motor function and reduced levels of disability and dependence".
ReNeuron intends to launch a US phase-II-b study with the top-line data expected by the end of next year.
Meanwhile, ReNeuron's hRPC stem cell candidate had been used in a phase I/II clinical assessment of patients with retinitis pigmentosa, with the first read-out from the early-stage trial expected by the midway point of 2019.
Following on from ReNeuron's Wednesday morning announcement, where the AIM-listed stem cell group told investors it would receive up to £3.8m as part of a three-month exclusivity period with a mystery US speciality pharma group, the firm stated there had been "third party interest" in its main therapeutic programmes.
As of 31 March, ReNeuron held cash and equivalents of £37.4m after deploying £14.9m on its clinical and pre-clinical activities.
ReNeuron turned in a loss of £17.6m in its last trading year, somewhat standard for early-stage pharma companies.
"Our cash position remains robust and we are positioned to deliver significant clinical milestones across our therapeutic programmes during each of the next three years," said chief executive Olav Hellebø.
As of 1120 BST, ReNeuron shares had grown 1.41% to 100.40p.