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Research: Healthcare
ReNeuron’s capital markets day highlighted the potential for the company’s exosome nanomedicine platform to be a source of both product and licensing revenues. This morning’s announcement of a collaboration between PureTech Health and Roche on PureTech’s milk-derived exosome platform highlights the attractiveness of ReNeuron’s neuronal stem cell-derived exosome platform.
Written by
ReNeuron Group |
Exosomes rise further |
Competitor transaction |
Pharma & biotech |
20 July 2018 |
Share price performance
Business description
Analyst
ReNeuron Group is a research client of Edison Investment Research Limited |
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ReNeuron’s capital markets day highlighted the potential for the company’s exosome nanomedicine platform to be a source of both product and licensing revenues. This morning’s announcement of a collaboration between PureTech Health and Roche on PureTech’s milk-derived exosome platform highlights the attractiveness of ReNeuron’s neuronal stem cell-derived exosome platform.
Year end |
Revenue (£m) |
PBT* |
EPS* |
DPS |
P/E |
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 and share-based payments. **Before share consolidation.
In our note on ReNeuron’s capital markets day (CMD) in July, we noted the potential for the exosome nanomedicine platform to enable ReNeuron to expand into oncology therapeutics. We also mentioned the application of exosomes to drug delivery and diagnostics and the potential for collaborations and licensing revenues. ReNeuron’s human neuronal stem cell-derived exosomes have demonstrated migration to tumours and therefore could deliver oncology drugs and diagnostic agents.
This morning, PureTech Health announced a collaboration with Roche that could enable it to receive up to $36m including undisclosed upfront payments, and an eligibility to receive milestones and royalties of up to $1bn. The multi-year collaboration is on PureTech’s milk-derived exosome platform to enable the oral delivery of Roche’s antisense oligonucleotide drug candidates. In our note on ReNeuron’s CMD, we mentioned the newer mRNA drugs in development by companies like Moderna and CureVac as being in need of protection for them to be systemically administered and targeted. ReNeuron’s human CTX neuronal-stem cell-derived exosomes could provide this protection and delivery. PureTech’s announcement this morning confirms the interest of potential partners in exosome platforms. Our note on ReNeuron’s FY18 results highlighted its active partnering discussions with third parties on all their technologies in addition to the ongoing exclusive evaluation of the hRPC platform.
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Disclaimer
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