ReNeuron Group

LN: RENE

£42.7m market cap

134p 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 18/11/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (£m) 7.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (9.2) (33.3) 121.5
Relative* (10.9) (35.7) 110.9
52-week high/low 325.0p/47.5p
*% relative to local index
Key management
John Berriman Chairman
Olav Hellebø CEO
Michael Hunt CFO
John Sinden Chief Scientific Officer

Content on ReNeuron Group