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ReNeuron sticks to timeline after impressive progress

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Stem cell company ReNeuron (LON:RENE) has reiterated its timeline for the coming years after making good progress this year.

In a trading update, the company said it expects both the Phase II clinical trial of its ReN001 stroke treatment and the Phase I trial of its ReN009 therapy for critical limb ischaemia to start recruiting patients by the end of the year.

In doing so, the company stuck to its previous guidance, targeting the end of the ReN001 Phase II clinical trial in mid-2015 and the second half of that year for Phase II of ReN009, assuming Phase I goes to plan next year.

It pointed out that these dates fall well within the three-year period for which the company is financed, thanks to a transformational funding in July.

The company raised £33mln through a placing and a grant from the Welsh government to resolve its cash concerns until the third quarter of 2016.

A number of new heavyweight investors came on board, including Invesco, Abingworth and the Wales Life Sciences Investment Fund, to support a placing of shares at 2.5p to raise £25.35mln.

Planning is also well underway to set up a cell manufacturing and development facility in South Wales, which will be funded by the £7.8mln grant from the Welsh government.

ReNeuron also recently revealed it had obtained orphan drug status in the US and Europe for its stem cell therapy ReN003 to tackle a rare degenerative eye disease.

Chief executive Michael Hunt said in the AGM statement: “Ahead of today's Annual General Meeting, we are delighted to report continuing progress across all aspects of our operations.

“Our therapeutic programmes are progressing to plan and we now have the opportunity, through the Welsh grant package, to both enhance and take full control over the manufacture of our stem cell therapy candidates as they get closer to market.

“The recently completed equity financing has given the business a very high quality institutional and specialist life science investor base, with the business now fully funded to pursue its development plans to value inflection over the next three years.”

Quick facts: ReNeuron Group PLC

Price: 126.5 GBX

LSE:RENE
Market: LSE
Market Cap: £40.27 m
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