ReNeuron Group Plc (LON:RENE) is free to resume discussions with other interested parties after an unnamed US company decided not to pursue a licensing deal for its hRPC platform.
The US speciality pharma group paid US$2.5mln to enter into exclusive discussions with ReNeuron ahead of potentially licensing out its ground-breaking retinal stem cell technology and therapeutic programmes.
READ: US firm runs rule over ReNeuron’s stem cell tech
But the potential suitor has opted not to progress to a definitive licensing agreement, although the decision had nothing to do with the hRPC technology or the data generated through it.
ReNeuron bosses said the prospects for licensing the technology “remain strong”.
They added that the company will now resume talks with other parties who have expressed an interest in its hPRC retinal cell-based activities.
“ReNeuron has been actively engaged in discussions with various parties over recent months regarding the potential partnering of our stem cell technologies and programmes,” said chief executive Olav Hellebø.
“We do not usually disclose details of ongoing negotiations but in the case of the US company, we were required to disclose the US$2.5mln fee we received for agreeing to negotiate on an exclusive basis.
“These exclusive discussions have now ended and we will continue our business development activities on a non-exclusive basis. We remain confident of being able to secure a licensing agreement in the near term and look forward to providing further updates in this regard.”
ReNeuron has two distinct platforms. Its CTX cell lines are being developed for serious conditions such as stroke, while its human retinal progenitor cells (hRPC) have been deployed in Phase I/IIa trials for people with a blindness-causing condition called retinitis pigmentosa.
Shares fell 22.3% to 63p on Wednesday morning.
Shares fell 22.3% to 63p on Wednesday morning.