Renovo (LSE:RNVO) is a biopharmaceutical product company and a leader in the discovery and development of drugs to reduce scarring, improve wound healing and enhance tissue regeneration.
24/05/12
Transaction in Own Shares21/05/12
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Transaction in Own Shares17/05/12
Transaction in Own Shares15/05/12
Transaction in Own Shares
11/02/11
A clearly shocked Renovo chief executive spoke today of his disappointment as the company's flagship scar treatment failed to meet any of the clinical endpoints. The team will take stock of the data, while the board is looking at all the options open to the company, including liquidation.
08/02/11
Today's trading update provides more in the way of re-assurance than detailed information. The company is fully funded and on schedule to reveal the results of phase III Juvista efficacy trial by the end of the half. Success could light a rocket under the shares, says one analyst who reckons the stock could fly as high as 200 pence.
14/12/10
Renovo gave a re-assuring assessment of prospects as the growing biotechnology group gears up for a very important year in its development. The guidance on Juvista, its potential blockbuster treatment for scarring, remains unchanged, which means we will receive the data on the EU phase III REVISE study by the middle of next year.
23/11/10
A successful trial for Renovo’s scar treatment has two key plus points: firstly it proves efficacy for a new paediatric formulation; more importantly, it has a number of positive implications for the ongoing Phase III clinical trial, which is due to report data in H1 2011.
08/09/10
We speak to chief executive Mark Ferguson about the latest Juvista trial and the prospects for this potentially ground-breaking treatment for scarring. In a wide-ranging interview, he tells us what he has done to limit the downside for investors and discusses the forgotten gems in the Renovo portfolio.
10/09/2010
09/09/2010
Renovo is a biopharmaceutical product company and a leader in the discovery and development of drugs to reduce scarring, improve wound healing and enhance tissue regeneration.
Renovo has a portfolio of clinical programmes including potential pharmaceutical drugs to reduce scarring (eg Prevascar), a potential Class III medical device in the EU to reduce adhesions between the tendons and tendon sheath following the surgical repair of lacerated digital tendons (Adaprev) and a potential cosmetic ingredient (Juvidex) for the acceleration of healing and the reduction of redness in injured skin.
Scar Reduction in Skin
Scars result primarily from elective surgery (hospital and minor/office based), cosmetic, plastic and reconstructive surgery and trauma (including accident and emergency and burns). Scars can cause debilitating aesthetic, functional and psychological effects and are a significant area of unmet medical need. With the increasing emphasis on aesthetic appearance, there is also a high consumer demand for scar preventing and reducing pharmaceuticals. According to external research performed for Renovo by The Mattson Jack Group, in the US alone there were at least 42 million procedures in 2004, which could have benefited from products that prevented or reduced scarring in the skin.
Likewise, recent market research performed for Renovo by MedTech Insight (a brand of Elsevier Business Intelligence) and TforG indicates that in the EU there are 41.8 million surgical procedures to the skin each year which could benefit from a drug that improves the appearance of the scar. Research published by Renovo in 2009 (Young & Hutchison Plastic and Reconstructive Surgery 2009 Vol 124(1):256-65) shows that following a wide variety of surgeries approximately 60% of patients regardless of age, sex or race are dissatisfied with their scar appearance.
There are currently no prescription drugs for the reduction of scarring in the skin marketed in the US and Europe. Based on market research by The Mattson Jack Group and the Company, Renovo believes that effective anti-scarring drugs will be in demand by patients, surgeons and physicians.
Scar Reduction in Tendon and Ligament Injuries
Following injury to tendons and ligaments, e.g., trauma, scarring causes adhesions between the tendon and surrounding tissues (tendon sheath) resulting in a marked loss of function. Tendons in the fingers and hand are frequently lacerated following accidents or trauma. There are approximately half a million operations to repair lacerated digital tendons each year in the USA and another half a million in Europe. Scarring and adhesions between the tendon and tendon sheath result in debilitating restriction of movement such that 30% of patients require a second operation to surgically release the adhesion (tenolysis surgery).
Accelerated and improved skin healing
The accelerated re-epithelialisation market is potentially very attractive covering skin graft donor sites, patients undergoing skin peels and laser resurfacing and patients with burns and granulating wounds. Skin graft donor sites result from the harvest of grafts used to treat burns, chronic ulcers, after lesion removal and for skin loss in trauma. Following deep and medium chemical peel and laser resurfacing procedures patients are restricted in their activities until their face has healed and new skin formed. Clinicians and patients have expressed high interest in a product that actively accelerates re-epithelialisation in the healing period. The American Society of Plastic Surgeons reported around a million chemical peels in the US during 2007.
Prevascar (an intradermal injectable solution of human recombinant Interleukin 10) previously reported a positive exploratory efficacy trial for the reduction of scarring in the skin. Following improvements in the manufacturing of Prevascar drug substance and product, and identification of a clinical cohort who are predicted (on the basis of a non-drug experimental surgery study) to benefit particularly well from Prevascar's modulating effect on the wound inflammatory response, Renovo has commenced a new proof of concept clinical trial in skin excisions and excisions in African-ancestral group human volunteers and is due to report final data in H1 2012.
Prevascar (INN: Ilodecakin) is a therapeutic formulation of human recombinant Interleukin 10. Prevascar is targeted at the potential market of prophylactic improvement of scar appearance in the skin, its mechanism of action is different to, and distinct from, that of Juvista. Prevascar is an important modulator of the inflammatory response.
Renovo has previously reported statistically significant Phase 2 efficacy data for Prevascar in the reduction of scarring in the skin. Following improvements in the manufacturing of Prevascar drug substance and product and the identification of patients who are predicted (on the basis of a Renovo non-drug experimental surgery study) to benefit particularly well from Prevascar's modulating effect on the wound inflammatory response, Renovo initiated a proof of concept clinical study in surgical skin incisions and excisions in African ancestral group volunteers. This trial should report final data in H1 2012. Renovo intends to sell the Prevascar programme to a suitable pharmaceutical / biotechnology company.
Juvidex (topical application of Mannose-6-Phosphate (M-6-P)) reported statistically significant improvements in pre-specified endpoints of skin appearance and acceleration of healing in a proof of concept clinical trial. Renovo intends to sell the Juvidex programme to a partner from the cosmetic industry.
Juvidex is a topical formulation of the sugar Mannose-6-Phosphate (M-6-P).
Following reporting of the results of the Phase 2 efficacy trial in skin graft donor sites, Renovo decided to out-license Juvidex. This trial showed that topical Juvidex was well tolerated and that objective measures over the healing period demonstrated that wounds treated with topical Juvidex had an appearance that more closely resembled normal skin compared to placebo.
Specifically, Juvidex accelerated re-epithelialisation, reduced redness, improved radiance/blending and improved the overall skin appearance.
Renovo believes that these topical Juvidex data can support key cosmetic claims e.g. for products post chemical/laser peel, dermabrasion, waxing, sunburn, anti-aging cream, lip salve, aftershave, mother and baby, dry skin.
Following the restructuring of the company, Renovo intends to sell the Juvidex programme to a cosmetic company.
Adaprev (an injectable solution of Mannose 6 Phosphate). The safety trial completed in H2 2011 reported that while safety was similar between the Adaprev and Standard care groups, the preliminary performance results have led the Board to decide to cease further development of Adaprev.
Juvista (INN: Avotermin – an injectable solution of human active recombinant transforming growth factor beta 3 (TGFβ3)).
The Juvista EU phase 3 trial (REVISE) did not meet its primary or secondary efficacy endpoints as reported on 11 February 2011.
Mr David Blain - Chief Financial Officer and Company Secretary
Mr David Blain joined the Board in 2008 and is responsible for the Finance function. Prior to joining Renovo David operated his own consultancy company. Previous positions include Finance Director and Company Secretary at Drew Scientific Group plc and at eg Solutions plc. Mr Blain trained as a chartered accountant at WT Walton & Son before serving nine years at PriceWaterhouseCoopers. Mr Blain is a member of the Institute of Chartered Accountants.
Professor Mark Ferguson - Co-founder and Chief Executive Officer
Professor Mark Ferguson is the co-founder and Chief Executive Officer of Renovo and has been responsible for building and leading all aspects of the business since its inception. He holds a number of international prizes for research in wound healing and scarring including the 2002 European Science Prize. He has published more than 350 scientific papers, books, book chapters and patents and has more than 30 years of experience in biomedical research including developmental biology, regenerative medicine, wound healing and scarring.
Mark has served as President and Secretary of the European Tissue Repair Society, was a member of MHRA's Safety of Medicines Biologics sub-committee and has served as a member of Government committees including chairing the UK Government Foresight Committee on Health and Life Sciences. He is currently President of the Manchester Medical Society and a member of the UKTI Life Sciences Marketing Board.
Mark was a Professor at the University of Manchester from 1986-2007 where he served as Head of Department, Dean of Biological Sciences and lead a large research group. He now holds an honorary Professorship at the University of Manchester. He also founded, chaired and was CEO of Manchester Biotec Ltd, a university company formed to foster promising new biotechnology ventures. During this time he was responsible for funding, building and staffing its £15 million Incubator Building and raising a £10 million investment seed fund.
Professor Ferguson has doctorate degrees in Anatomy, Dentistry and Medical Sciences, honorary fellowships of the Royal College of Surgeons in Ireland and Edinburgh and is founding fellow of the UK Academy of Medical Science. He was made a Commander of the British Empire in 1999.
Mr Jamie Brooke - Non-Executive Director
Mr Jamie Brooke joined the Board on 30th June 2011. Mr Brooke is an investment manager at Henderson Global Investors Limited. He is also a director of Lochard Energy Group plc and eServGlobal Limited, companies listed on the AIM market of the London Stock Exchange and the Australian Stock Exchange.
Mr Max Royde - Non-Executive Director
Mr Max Royde joined the Board on 4th July 2011. Mr Royde is a Partner at Kestrel Partners LLP, a smaller company fund management business, having previously been at KBC Peel Hunt, the mid-cap broker, for over 10 years where he latterly held the position as Managing Director responsible for the firm's technology franchise. Mr Royde is also a Non-Executive Director of Gresham Computing plc.
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Tel: 0870 162 3100
www.capitaregistrars.com
Head Office:
The Manchester Incubator Building
48 Grafton Street
Manchester, M13 9XX
United Kingdom
Telephone: +44 (0) 161 276 7100
Fax: +44 (0) 161 276 7200
E-mail: info@renovo.com
The Company's shares are quoted on AIM (epic: RNVO) and there are no restrictions on the trading of the securities.
Number of voting shares in issue: 194,549,571.
The following list of shareholders (holding more than 3% of the shares in issue) was last updated on 14 December 2011. Subsequent notifications received from major shareholders and PDMRs are shown in the Regulatory Announcements section of the website.
|
Rank
|
Shareholder
|
Holding
|
%
|
|
1
|
Henderson Global Investors
|
53,414,860
|
27.5
|
|
2
|
JPMorgan Asset Management
|
18,998,953
|
9.8
|
|
3
|
Prof Mark W J Ferguson *
|
12,432,476
|
6.4
|
|
4
|
Shire Pharmaceuticals Group
|
12,378,689
|
6.4
|
|
5
|
Charles Stanley, Stockbrokers
|
10,612,550
|
5.5
|
|
6
|
Kestrel Partners
|
10,521,942
|
5.4
|
|
7
|
Charles Davies
|
8,370,000
|
4.3
|
|
8
|
Dr S O'Kane *
|
7,474,517
|
3.8
|
* Co-founders and connected persons in accordance with definitions under FSMA.
Updated from company website 20/12/11
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