24th Nov 2020 14:41
ReNeuron Group PLC - Bridgend, Wales-based cell-based therapeutics firm - Raises gross proceeds of GBP15.0 million via share placing and subscription priced at 70 pence per share. Says funds will allow the firm to deliver extended clinical data from its ongoing retinitis pigmentosa phase 2a study and to deliver proof-of-concept pre-clinical data from ongoing exosome collaborations which could enable potential out-licensing deals.
In addition, plans to raise up to GBP2.5 million on basis of one open offer share for every 9 existing shares held.
Separately, reports pretax loss of GBP8.0 million for six months to September 30, widened from GBP5.1 million a year before. This is on revenue that slimmed drastically to GBP41,000 from GBP6.0 million. Company notes that the year-ago period included a GBP6.0 million initial payment received from Fosun Pharma.
"Our decision earlier this year to focus the company's resources on our retinal disease programme and our exosome and iPSC platforms has resulted in significantly lower operating costs, as reflected in the interim results for the period under review. This renewed clarity of focus, together with the fundraise announced separately yesterday, will enable us to reach important, data-driven value inflection points across our programmes over the next 12 months and beyond," says Chief Executive Olav Hellebo.
Current stock price: 77.00 pence; down 19% on Tuesday
Year-to-date change: down 48%
By Lucy Heming;Â [email protected]
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