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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.
Renovo ends Prevascar developmentApril 16 2012, 11:59am
Renovo (LON:RNVO) today confirmed that it will now perform any further work on Prevascar following the completion of a clinical trial.
The company says that it will continue to focus on its merger and acquisition plans and its share buy-back programme as a way to enhance shareholder value.
The clinical trial results follow the disappointing results of the Juvista trial in February 2011. Subsequently, Renovo’s remaining trials which had already been contracted had continued.
Today, Renovo reported that 56 patients were enrolled in the trial of the Prevascar scar treatment. It said there was a ‘small but significant’ reduction in scar width compared to placebo after one month, however by month 12 there was in fact a ‘small but significant’ improvement in the placebo scar width compared to Prevascar.
Meanwhile, most other assessments showed no difference between treatments.
In November, Renove told investors that it was considering all options to maximise value including acquisitions and mergers of external companies.