£39m market cap
122.5p 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 demonstrated positive response rates in key measures that were sustained after extended follow-up. ReNeuron has started the placebo-controlled pivotal Phase IIb trial in chronic stroke disability with data expected in H1 2021. ReNeuron also has the hRPC (human retinal progenitor cells) program for retinitis pigmentosa (currently in a Phase I/IIb study). Positive interim and follow-up data on the RP Phase I/II study has been announced. Both CTX and hRPC products have been partnered with Fosun in China. The exosome platform (generated from the CTX cell line) is a further source of drug-delivery business development for ReNeuron.
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 | (18.0) | (17.2) | (45.16) | N/A | N/A |
| 2020E | 0.0 | (24.1) | (24.1) | (63.67) | N/A | N/A |
| 2021E | 0.0 | (27.9) | (27.9) | (73.74) | N/A | N/A |
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 and has become the focus for investors.
Last updated on 14/11/2019
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Balance sheet |
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| Forecast net cash (£m) | 7.2 |
| 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 |
