ReNeuron Group PLC (AIM:RENE) said it will focus on the commercial potential of its exosome technology and out-licence its human retinal progenitor cells (hRPC) programme.
The immediate cost savings will be re-directed towards an increased investment in the Exosome platform and provide a cash runway until late Q2 2023.
The R&D group has seven exosome collaborations with further potential partnerships under discussion.
The strategic decision was prompted by what the company described as “inconclusive” results from its hRPC phase IIa trial in people with a degenerative eye disease called retinitis pigmentosa (RP).
Chief executive Olav Hellebø said the hRPC therapeutic still offered “promise”, but added its potential “would be best further investigated by a partner”.
“We are very excited about the market opportunity in exosomes and importantly our tissue-for-tissue matching expertise that gives a truly differentiated offering to partners,” he told investors.
“We believe our work in this area offers the best returns for our shareholders and we are confident that we will increase the number of partners programmes this year and are already in the process of recruiting additional employees in this field."
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