ReNeuron Group — US exclusivity deal – more than non-dilutive cash

ReNeuron Group (AIM: RENE)

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Research: Healthcare

ReNeuron Group — US exclusivity deal – more than non-dilutive cash

ReNeuron ended FY18 with a healthy cash balance and the 11 July announcement of an exclusivity agreement worth up to US$5m with a US specialty pharmaceutical company for the evaluation of ReNeuron’s hRPC platform now leaves it well-funded through to FY20. A key milestone is the imminent start of the US Phase IIb PISCES III placebo-controlled study in chronic stroke disability, which heralds the later stages of clinical development for ReNeuron.

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Healthcare

ReNeuron Group

US exclusivity deal - more than non-dilutive cash

FY18 results

Pharma & biotech

13 July 2018

Price

98.50p

Market cap

£31m

Net cash at 31 March 2018

37.4

Shares in issue

31.6m

Free float

100%

Code

RENE

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

40.7

27.1

(43.7)

Rel (local)

42.1

20.7

(45.9)

52-week high/low

215.0p

60.0p

Business description

ReNeuron is a UK biotech company developing allogeneic cell therapies. The first pivotal Phase IIb trial for CTX neural stem cells for chronic stroke disability is imminent. Human retinal progenitor cells (hRPCs) are also being studied for RP (in Phase I/IIa).

Next events

Interim 2019 results

December 2018

Chronic stroke pivotal Phase IIb study start

Q318

Phase I/IIa hRPC study readout

Mid-2019

Chronic stroke pivotal study readout

End 2019

Analysts

Andy Smith

+44 (0)20 3077 5700

Alice Nettleton

+44 (0)20 3077 5700

ReNeuron Group is a research client of Edison Investment Research Limited

ReNeuron ended FY18 with a healthy cash balance and the 11 July announcement of an exclusivity agreement worth up to US$5m with a US specialty pharmaceutical company for the evaluation of ReNeuron’s hRPC platform now leaves it well-funded through to FY20. A key milestone is the imminent start of the US Phase IIb PISCES III placebo-controlled study in chronic stroke disability, which heralds the later stages of clinical development for ReNeuron.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

03/17

0.9

(18.2)

(0.49)**

0.0

N/A

N/A

03/18

0.9

(21.0)

(55.66)

0.0

N/A

N/A

03/19e

3.9

(25.6)

(71.21)

0.0

N/A

N/A

03/20e

1.0

(30.4)

(84.40)

0.0

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. **Before share consolidation.

FY18 results: Strong cash balance

ReNeuron’s end-year cash balance was £37.4m (vs £53.1m at end FY17), about £5m higher than our estimate. Net losses in FY18 were £17.6m, better than the £20.1m we had forecast. These incorporated R&D expenses of £16.7m, up £1.6m on a comparable basis, and were distorted by material FX losses (£0.9m vs a gain of £1.7m in FY17). Net cash outflows were £14.9m (£12.6m in FY17) and we estimate net outflows of £21.2m in FY19.

Funded for a busy programme

ReNeuron is pushing forward on a number of fronts this year and next that will increase cash its requirements. The first pivotal US Phase IIb study in chronic stroke disability and the Phase I/IIa study in retinitis pigmentosa (RP) will have both started expanded studies. A new base in Boston was opened in 2018. Funding this activity will be the end-March 2018 cash, supplemented by three therapeutic development grants already announced of around £5m, and up to $5m from an undisclosed US specialty pharmaceutical company for the exclusive evaluation of the hRPC platform. Additionally, management states that it is in active discussions with third parties with a view to eventual collaboration and outsourcing deals relating to other technologies and platforms. ReNeuron is currently well-financed but, subject to further business development, we anticipate that further funds will be required to complete the clinical programmes in FY20.

Valuation: Minor but useful changes

We have updated our model for the FY18 results, and incorporated the recent grants and US fee agreement. Our valuation moves to £280m or 8.9p per share from £276m or 8.7p per share, but does not yet include the second $2.5m (£1.9m) payment in evaluation fees, which could be received in the next three months.

Clinical pipeline updates: Pivotal Ph IIb study imminent

ReNeuron’s FY18 results included pipeline updates on its three product candidates/platforms and noted the partnering interest in those products. The first of two pivotal, US placebo-controlled, Phase IIb clinical studies of the CTX stem cell therapy in chronic stroke disability is due to dose the first patient imminently. Top-line results are expected at the end of 2019. This study has expanded the number of trial sites to 40 from 25 to ensure that patient recruitment targets are met. The US open-label, hRPC cell therapy Phase I/IIa study in retinitis pigmentosa (RP) is ongoing and recruitment is being expanded to bolster the safety database in patients with less impaired vision. The hRPC cell therapy product was the highlight of the results announcement, with the evaluation agreement and associated cash inflows discussed below. The interest in RP is logical as a recent GlobalData analysis listed 16 products in Phase II and three products in Phase III, including jCyte’s stem cell product, like ReNeuron’s CTX product, in Phase II in the US.

Platforms attract partnering interest

A welcome proof of external interest in ReNeuron’s products was demonstrated by the 11 July announcement of the exclusivity agreement signed with an undisclosed US-based specialty pharmaceutical company on the potential out-licensing of the hRPC technology platform. While the initial $2.5m for the three-month exclusivity period and subsequent $2.5m are useful cash inflows, they could potentially lead to the substantial milestones and royalties of a full licensing transaction. The second $2.5m payment is contingent on the due diligence progress and the evaluation period lasts for three months. We have currently excluded the second payment from our FY19 revenue forecast, but even the $5m total will have a much smaller impact on ReNeuron than either the full licensing transaction or the external validation of its technology.

FY18 financials: Strong cash balance

ReNeuron’s end-year cash balance was £37.4m (vs £53.1m at end FY17), about £5m higher than our estimate. Net losses in FY18 were £17.6m, better than the £20.1m we had forecast. These incorporated R&D expenses of £16.7m, up £1.6m on a comparable basis, and were distorted by material FX losses (£0.9m vs a gain of £1.7m in FY17). Net cash outflows were £14.9m (company definition; £12.6m in FY17) and we estimate net outflows of £21.2m in FY19. This net cash outflow includes the grant and evaluation fee inflows subject in part to their tax treatment. We have made some assumptions on the £5.0m in grant funding including its recognition over 36 months and the payment of £1.0m of the grants to collaborators. In terms of costs, FY18 R&D and SG&A combined costs were £21.3m. We estimate these to rise to £29.7m in FY19 and £31.5m in FY20.

Funded into FY20

Our forecasts point to ReNeuron being funded into 2020, which should enable significant advancement of the two clinical studies (the first US pivotal chronic stroke Phase IIb and RP Phase I/IIa) and possibly a Phase I exosome study in an oncology indication. With £37.4m in cash at the end of March 2018, our assumption of £4m out of the £5m in research grants over the next 36 months, and at least $2.5m from the exclusivity assessment for hRPC, ReNeuron has the resources to progress to potential valuation inflection points and continue to develop its broad portfolio. We expect the company to accelerate its investment in operating activities, particularly within R&D, in line with the progression of its clinical pipeline.

Valuation

We have rolled our model forward to FY20 and updated our valuation to reflect the lower cash burn in FY18, expected grant inflows and the hRPC platform evaluation deal just announced. We also take into account of the increased cash requirements of the expanded CTX cell therapy in chronic stroke disability Phase IIb PISCES III trial. This results in a valuation of £280m (vs £276m) or 8.9p per share. This does not include any contribution for the recently presented exosome nanomedicine platform as it is currently preclinical, but has the potential to generate both oncology products, and/or further licensing revenues. We expect to revisit this when the first exosome target is taken into the clinic. ReNeuron is funded into FY20 on our revised forecasts, which should enable it to execute on an expanding clinical trial programme, resulting in a number of potential key inflection points over the next 24 months, including the pivotal Phase IIb study for CTX in chronic stroke (with data expected at the end of 2019; Phase I/IIa hRPC data in mid-2019; and further preclinical data from the exosome nanomedicine platform (efficacy and toxicity).

Prudent cash management results in modest valuation change

We have maintained the probability of success for CTX cells in chronic stroke disability at 25% as it is in Phase IIb. The revised cash balance at end FY18, updated FX rates (we use spot FX) and a £5.5m increase in R&D spend in FY19 (to reflect running two Phase II studies) are the three main changes we have made to our model. We have also incorporated the exclusivity fee ($2.5m) and grant (£4.0m net) cash inflows, recognising them in FY19 and over 36 months respectively, as revenue in the income statement. As a result, our rNPV valuation increases slightly to £282m or 8.90p per share from £276m or 8.74p per share and is detailed in Exhibit 1 below. Our valuation does not include the second tranche of $2.5m (£1.9m) in potential evaluation fees, which could be received in the next three months.

Exhibit 1: rNPV valuation

Product

Setting

Status

Launch

NPV (£m)

Peak sales ($m)

Probability of success

Royalty rate

rNPV (£m)

rNPV per share (p)

CTX

Stroke disability

Phase II/III

2020

677

1,633

25%

30%

157

4.96

hRPC

CRD

Phase I/II

2020

100

147

20%

30%

15

0.49

hRPC

RP

Phase I/II

2020

357

629

20%

30%

70

2.21

Portfolio total

1,134

244

7.67

Cash (end March 2018)

37.4

1.18

Overall valuation

280

8.85

Source: Edison Investment Research, Company announcements. Note: Number of shares in issue is 31.6m

Exhibit 2: Financial summary

£'000s

2016

2017

2018

2019e

2020e

Year end 31 March

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

563

900

897

3,937

1,043

Cost of Sales

0

0

0

0

0

Gross Profit

563

900

897

3,937

1,043

R&D expenses

(10,272)

(16,648)

(16,657)

(24,656)

(25,888)

SG&A expenses

(4,015)

(4,139)

(4,616)

(5,078)

(5,585)

EBITDA

 

 

(13,632)

(19,814)

(20,231)

(25,651)

(30,258)

Operating Profit (before amort. and except.)

 

(13,724)

(19,887)

(20,376)

(25,796)

(30,431)

Intangible Amortisation

0

0

0

0

0

Exceptionals

0

0

0

0

0

Operating Profit

(13,724)

(19,887)

(20,376)

(25,796)

(30,431)

Other

0

0

0

0

0

Net Interest

878

1,722

(591)

187

81

Profit Before Tax (norm)

 

 

(12,846)

(18,165)

(20,967)

(25,609)

(30,350)

Profit Before Tax (FRS 3)

 

 

(12,846)

(18,165)

(20,967)

(25,609)

(30,350)

Tax

1,492

2,592

3,352

3,073

3,642

Profit After Tax (norm)

(11,354)

(15,573)

(17,615)

(22,536)

(26,708)

Profit After Tax (FRS 3)

(11,354)

(15,573)

(17,615)

(22,536)

(26,708)

Average Number of Shares Outstanding (m)

2,609.3

3,164.6

31.6

31.6

31.6

EPS - normalised (p)

 

 

(0.44)

(0.49)

(55.66)

(71.21)

(84.40)

EPS - FRS 3 (p)

 

 

(0.44)

(0.49)

(55.66)

(71.21)

(84.40)

Dividend per share (p)

0.0

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

6,963

724

912

1,049

1,215

Intangible Assets

1,591

0

186

186

186

Tangible Assets

361

724

726

863

1,029

Other

5,011

0

0

0

0

Current Assets

 

 

64,894

58,136

41,706

20,525

(5,177)

Stocks

0

0

0

0

0

Debtors

1,421

1,060

1,285

1,285

1,285

Cash

60,709

53,061

37,411

16,166

(10,104)

Other

2,764

4,015

3,010

3,073

3,642

Current Liabilities

 

 

(4,199)

(5,703)

(5,949)

(5,949)

(5,949)

Creditors

(3,700)

(5,703)

(5,949)

(5,949)

(5,949)

Short term borrowings

0

0

0

0

0

Short term leases

(1)

0

0

0

0

Other

(498)

0

0

0

0

Long Term Liabilities

 

 

0

0

0

0

0

Long term borrowings

0

0

0

0

0

Long term leases

0

0

0

0

0

Other long term liabilities

0

0

0

0

0

Net Assets

 

 

67,658

53,157

36,669

15,624

(9,911)

CASH FLOW

Operating Cash Flow

 

 

(11,920)

(13,976)

(19,244)

(24,501)

(29,086)

Net Interest

345

520

383

187

81

Tax

0

1,340

4,357

3,352

3,073

Capex

(293)

(532)

(235)

(282)

(338)

Acquisitions/disposals

0

0

0

0

0

Financing

65,195

0

0

0

0

Dividends

0

0

0

0

0

Other

0

0

0

0

0

Net Cash Flow

53,327

(12,648)

(14,739)

(21,244)

(26,270)

Opening net debt/(cash)

 

 

(12,380)

(65,708)

(53,061)

(37,411)

(16,166)

HP finance leases initiated

1

0

0

0

0

Other

(0)

(0)

(911)

0

0

Closing net debt/(cash)

 

 

(65,708)

(53,060)

(37,411)

(16,167)

10,104

Source: Company accounts, Edison Investment Research. Note 100:1 share consolidation with effect from January 2018.

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by ReNeuron Group and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by ReNeuron Group and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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