ReNeuron Group

LN: RENE

Market Cap£65m

Last Close 114p

ReNeuron Group is a UK biotech company developing allogeneic cell therapies. Human retinal progenitor cells are the lead Phase I/IIa project for retinitis pigmentosa. There is a strong preclinical technology base in exosomes and cell therapies.

Investment summary

ReNeuron develops human retinal progenitor cell therapy (hRPC) for retinitis pigmentosa (RP). Phase IIa data at a 1m dose shows a stable one-year average gain in visual acuity. A nine-patient continuation Phase IIa study is underway at a 2m cell dose. Following a safety halt after an eye infection in June, ReNeuron may announce a mix of three- and six-month data in late Q122. The company had £22.2m cash at 31 March 2021. A 100-patient pivotal study is being planned to start in Q422 possibly linked to a partnering deal. Catherine Isted joined the board as CFO on 11 October.

Y/E Mar	Revenue (£m)	EBITDA (£m)	PBT (£m)	EPS (p)	P/E (x)	P/CF (x)
2020A	6.2	(14.0)	(13.9)	(35.85)	N/A	N/A
2021A	0.3	(12.5)	(13.4)	(29.00)	N/A	N/A
2022E	0.3	(12.8)	(13.1)	(19.12)	N/A	N/A
2023E	0.4	(12.8)	(13.2)	(19.12)	N/A	N/A

Industry outlook

hRPC cell therapy could potentially treat any RP patient, giving a big potential commercial advantage; gene therapies treat specific mutations. The exosome platform has third-party commercial collaborators. ReNeuron’s exosomes bind to target receptors in the brain to deliver siRNA and has a new peptide targeting technology. The clinical cell platform for diabetes looks promising.

Last updated on 20/10/2021