ReNeuron released its half-year results for the six months ended 30 September on Friday. The stem cell-based therapy company posted a first-half loss amid the development of treatments for stroke sufferers and sight issues. Shares in the company rose over 5% following the announcement.
Loss before tax for the period came to £6.8 million. This compares to the £11 million on-year losses.
Across the period, the company has been developing various treatments. Its CTX cell therapy is designed for stroke disability and has progressed into a clinical trial in the US. Top-line data from the US trial is expected in early 2020. Equally, ReNeuron has made advancements on its hRPC drug product for retinal diseases.
ReNeuron is a leading, UK-based, clinical-stage cell therapy development company.
The company also highlighted its increased business development during the period, reflecting a third party interest in its core therapeutic programmes.
Chief Executive Officer of ReNeuron Olav Hellebø commented on the announcement:
“Our therapeutic development programmes have continued to progress well during the period. We are particularly excited to have opened the placebo- controlled Phase IIb clinical trial in the US for CTX in chronic stroke disability. We remain encouraged by the progress made in partnering discussions across all of our technologies and programmes and we hope to be able to conclude an initial out-licensing agreement in the near term.”
“We have continued to maintain tight control over our operating costs, reflected in the financial statements for the period. Our cash position remains robust and we are positioned to deliver significant clinical milestones in our stroke and retinitis pigmentosa programmes over the next 18 months.”
Elsewhere in the medical sector, AstraZeneca’s cancer medicine failed to meet its primary objective in November. Equally, the company sold its US rights to Sobi and Grunenthal.
At 09:56 GMT today, shares in ReNeuron Group plc (LON:RENE) were trading at +5.38%.
