ReNeuron Group

LN: RENE

£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
Healthcare
Share price graph
Balance sheet
Forecast net cash (£m) 8.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (19.3) (27.7) (43.6)
Relative* (20.6) (31.1) (34.9)
52-week high/low 270.0p/75.5p
*% relative to local index
Key management
John Berriman Chairman
Olav Hellebø CEO
Michael Hunt CFO
John Sinden Chief Scientific Officer

Content on ReNeuron Group