Renovo (LON:RNVO), the biotechnology company developing a revolutionary treatment for scarring, said it is on target to report results from a pivotal clinical trial by the middle of next year as it revealed a sharp slowdown in its cash consumption.
The group burned through £13.4 million in the year to September 30, well below previous guidance, which suggested it would use up between £15-20 million.
Renovo now has £51.8 million in the bank and has pledged to have at least £30 million of this money left when it comes reporting the results of the EU phase III trials on its Juvista treatment for scarring.
Data from the REVISE study is expected to be published by the middle of next year and is a hugely important milestone for Renovo.
Separately, the group has said it is still in negotiations with potential partners for Juvidex, a cream which can accelerate healing and reduce redness.
It is possible a deal could still be announced by the end of the year, though the company’s chief executive, professor Mark Ferguson, admits the time-table might slip several weeks into 2011.
The update was contained in the company’s annual results statement which revealed group posted a radically reduced pretax loss of £6.4 million, which compares with £17.1 million a year earlier.
Ferguson said: “Renovo has had a strong year. Significant achievements for our lead drug Juvista include the EU Phase III trial fully recruited and on schedule to report in the first half 2011.”