ReNeuron Group

LN: RENE

£58.3m market cap

102.5p last close

ReNeuron Group is a UK biotech company developing allogeneic cell therapies. Human retinal progenitor cells are the lead Phase I/IIa project for retinitis pigmentosa. There is a strong preclinical technology base in exosomes.

Investment summary

ReNeuron is focused on human retinal progenitor cell therapy (hRPC) for retinitis pigmentosa (RP). Ongoing Phase IIa data show a stable average gain in visual acuity. A nine-patient continuation Phase IIa study is underway at a higher dose with the first cohort of three patients already recruited and an extra centre participating. A £17.5m gross funding was competed in December 2020 and gives at least 18 months cash to complete the Phase IIa, potentially initiate a pivotal study in H222, and progress preclinical exosome and other cell therapy projects.

Y/E Mar
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2019A 2.7 (18.1) (17.2) (45.34) N/A N/A
2020A 6.2 (14.0) (13.9) (35.85) N/A N/A
2021E 0.2 (13.8) (14.4) (32.85) N/A N/A
2022E 0.2 (12.9) (13.3) (20.55) N/A N/A
Industry outlook

hRPC cell therapy could potentially treat any RP patient, giving a big potential commercial advantage; gene therapies only treat a small number of specific mutations. ReNeuron has research agreements to explore uses of the company’s proprietary, scalable exosomes to deliver novel therapeutics and as viral vaccines; these can be produced to GMP standard. Preclinical model data may be published in 2021 giving a strong basis for licensing.

Last updated on 05/03/2021
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (£m) 22.8
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (8.9) 26.5 (8.5)
Relative* (10.4) 24.2 (9.4)
52-week high/low 168.4p/72.5p
*% relative to local index
Key management
John Berriman Chairman
Olav Hellebø CEO
Michael Hunt CFO
John Sinden Chief Scientific Officer

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