ReNeuron Group PLC (AIM:RENE)'s chairman said the company is now fully focused on its proprietary exosomes platform following a strategic review in January that saw it halt its Retinitis Pigmentosa programme.
A new board and management have since taken over and Ian Ross, interim executive chairman, said “tough decisions have been taken, the business model re-focussed".
Pre-clinical data already announced has shown that the company's exosome drug delivery technology can effectively deliver therapeutic proteins to the brain to potentially treat neurological diseases, ReNeuron said, adding it has seven discovery stage collaborations with global pharma, biotech and academic institutions using its exosomes as a delivery vehicle for their therapeutic agents.
“The management team will also continue to assess all opportunities to monetise value from ReNeuron's assets, be that its stem cell legacy assets, induced pluripotent stem cell (iPSC) platform or proprietary stem cell lines, to build sustainable value for shareholders,” Ross added.
Cash deposits currently are £14.5mln, giving a runway until mid-calendar 2023 at least, he said.
Losses in the year to end-March 2022 were £9.7mln (£11.3mln).