£23.9m market cap
75.5p 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
ReNeuron is focused on three cell therapy-based programs. The CTX neural stem cell program has demonstrated positive response rates in key measures were sustained after extended follow-up. ReNeuron has started the placebo-controlled Phase IIb trial in chronic stroke disability with data expected in early 2020. ReNeuron also has the hRPC (human retinal progenitor cells) program for retinitis pigmentosa (currently in Phase I/II) and will also be starting a Phase IIa trial in cone-rod dystrophy. Interim data on the RP Phase I/II study was announced at the beginning of 2019 and early efficacy was striking. The exosome platform (generated from the CTX cell line) is a further source of products and business development for ReNeuron.
Y/E Mar |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 0.9 | (19.8) | (18.2) | (0.49) | N/A | N/A |
| 2018A | 0.9 | (20.2) | (21.0) | (55.66) | N/A | N/A |
| 2019E | 0.0 | (23.6) | (22.0) | (55.17) | N/A | N/A |
| 2020E | 0.0 | (27.2) | (27.2) | (70.94) | N/A | N/A |
| Last updated on 21/03/2019 | ||||||
Industry outlook
Limited drug development has targeted chronic stroke to date, which is the area in which ReNeuron is attempting to demonstrate a meaningful reduction in disability. If shown, it would offer a compelling case for further development and/or partnering. The recent striking RP data makes a partnering transaction more likely.
Last updated on 21/03/2019
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Share price graph
Balance sheet |
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| Forecast net cash (£m) | 19.7 |
| 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 |
