7th Jul 2016 09:37
LONDON (Alliance News) - Cell-based therapeutics developer ReNeuron Group PLC on Thursday said its loss for the financial year to the end of March widened due to a ramp up in research and development costs.
ReNeuron said its pretax loss for the year to March 31 was GBP11.4 million, compared to a GBP8.9 million loss a year earlier, as research and development and administrative costs all increased.
Royalty income for the year was GBP29,000, slightly down from the GBP30,000 received a year earlier, while the group racked up GBP534,000 in grant funding, up from GBP519,000.
In the year, the group completed recruitment on the phase 2 clinical trial of its CTX cell therapy treatment for motor disability as a result of a stroke, with data expected from the study in the fourth quarter of 2016.
A phase 1/2 clinical trial of its hRPC cell therapy candidate for retinitis pigmentosa is underway in the US and the phase 1 clinical trial on its CTX therapy for is ongoing, with data expected in the second half of 2016.
Chief Executive Olav Hellebo said the financial year was one of "significant progress" for ReNeuron and said the GBP68.4 million fundraising completed in August 2015 provides it with a strong balance sheet to back work on its development programmes over the next two-to-three years.
ReNeuron shares were flat at 2.62 pence Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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