£36.6m market cap
115p last close
ReNeuron Group develops allogeneic cell therapies focused on human retinal progenitor cells for retinitis pigmentosa. There is a strong preclinical technology base in exosomes with the CTX stroke indication being partnered.
Investment summary
ReNeuron has released further follow-up data from the ongoing human retinal progenitor cell (hRPC) trial showing a robust sustained averaged response. The next dose level, two million cells in nine patients, remains delayed due to COVID-19; ReNeuron notes that recruitment may restart soon. A filing to start a pivotal study is expected in the second half of CY21. ReNeuron now plans to use regional partnerships to progress the CTX cell platform in stroke and possibly in Huntington’s disease. Recruitment to the US-based PISCES III study in stroke is suspended. Both CTX and hRPC are partnered with Fosun in China. Cash and equivalents on 30 September 2019 were £21.3m, providing funding into 2021. FY20 results are due in July.
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
Reneuron has research agreements to explore the potential use of the company’s proprietary exosomes to deliver novel therapeutics. Exosomes might be used to deliver viral vaccines. ReNeuron notes that Exosomes can be produced to GMP standards in a scalable process.
Last updated on 11/08/2020
Sector |
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| Healthcare |
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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 |
