£43.5m market cap
151.5p last close
ReNeuron is a UK biotech company developing allogeneic cell therapies: CTX neural stem cell products for stroke disability (Phase IIb) and human retinal progenitor cells for retinitis pigmentosa (Phase I/II).
Investment summary
The first set of 12-month data from the ongoing retinitis pigmentosa (RP) eye study has been released showing a stable longer-term response, which is excellent. However, the 12-month data are only for three patients so far with mean numbers reported. ReNeuron aims to present more RP eye data over 2020. Stroke data from the CTX PISCES III trial are expected around mid-2021. We retain the indicative value of ReNeuron at £197m.
Y/E Mar |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 0.9 | (20.2) | (21.0) | (55.66) | N/A | N/A |
| 2019A | 2.7 | (17.9) | (17.2) | (45.34) | N/A | N/A |
| 2020E | 6.1 | (23.4) | (22.8) | (60.33) | N/A | N/A |
| 2021E | 3.1 | (31.0) | (30.8) | (83.69) | N/A | N/A |
Industry outlook
Cell and gene therapies are demonstrating paradigm changing efficacy in many diseases, with regulatory bodies keen to quickly advance these therapies to the market. Boosted by this wave of regulatory approvals, the cell and gene therapy industry is experiencing an explosion in investment and M&A.
Last updated on 26/02/2020
Sector |
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| Healthcare |
Share price graph
Balance sheet |
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| Forecast net cash (£m) | 8.1 |
| Forecast gearing ratio (%) | N/A |
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Key management |
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| John Berriman | Chairman |
| Olav Hellebø | CEO |
| Michael Hunt | CFO |
| John Sinden | Chief Scientific Officer |
