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.

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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
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Share price graph
Balance sheet
Forecast net cash (£m) 11
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 18.8 11.8 25.2
Relative* 15.0 6.7 0.8
52-week high/low 148.5p/72.5p
*% relative to local index
Key management
John Berriman Chairman
Olav Hellebø CEO
Michael Hunt CFO
John Sinden Chief Scientific Officer