ReNeuron books first-half loss as R&D costs rise

Fri, 6th Dec 2019

Cell-based therapeutics developer ReNeuron booked a first-half loss amid a rise in R&D spending. Pre-tax losses for the six months through September amounted to £5.1m, compared to losses of £6.8m on-year. Revenue jumped to £6.0m from a negligible amount in the previous year, though R&D spending rose to £9.2m, up from £7.5m. 'The period under review has been marked by significant progress across our various clinical and research programmes,' chief executive Olav Hellebo said. 'During the period, and subsequent to it, we presented very encouraging positive efficacy data from the Phase 2a patients in the ongoing US Phase 1/2a clinical trial of our hRPC cell therapy candidate in retinitis pigmentosa.' 'We have taken advantage of these early results to amend our clinical development strategy with the aim of shortening the overall time to market approval application for this therapeutic candidate.' 'During the period, we have instigated a number of protocol amendments and other initiatives to accelerate patient recruitment into the ongoing US Phase 2b clinical trial of our CTX cell therapy candidate in chronic stroke disability.' 'These amendments will result in a greatly increased number of CTX-treated patients in the study.' 'Additionally, we have been very encouraged to see the potential of our exosome and iPS cell technologies emerge further during the period.' Story provided by StockMarketWire.com

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