6th Dec 2019 09:32
(Alliance News) - ReNeuron Group PLC said Friday revenue rose during the first half of its financial year as "significant" progress has been made across various clinical and research programmes.
ReNeuron shares were 6.9% up in London at 136.80 pence each on Friday.
The cell-based therapeutics developer said for the six months ended September 30, revenue jumped to GBP6.0 million from GBP27,000 in comparative period a year ago.
The company said the revenue mainly came from an initial licence fee of GBP5.4 million after withholding tax received in May from its partner Shanghai Fosun Pharmaceutical Industrial Development Co Ltd.
As a result, pretax loss narrowed to GBP5.1 million from GBP6.8 million a year ago.
ReNeuron said it has made "significant progress" across various clinical and research programmes during the first half. ReNeuron said it presented "very encouraging positive efficacy" data from the Phase 2a patients in the ongoing US phase 1/2a clinical trial of hRPC cell therapy candidate in retinitis pigmentosa.
Olav Hellebo, chief executive officer, said: "We are pleased to be working with Fosun Pharma as our partner for China, following the signing of the exclusive licence agreement for both our CTX and hRPC programmes in that territory during the period."
"We hope to be able to announce further deals with commercial third parties across our various programmes in the months ahead," Hellebo said.
In April, ReNeuron signed an exclusive licence agreement with Fosun Pharma for the development, manufacture and commercialisation of its CTX and hRPC cell therapy programmes in China.
Under the terms of agreement, ReNeuron had said it would receive GBP6.0 million gross on entering into the agreement, up to GBP6.0 million in near-term operational milestones, and up to GBP8.0 million in future regulatory milestone payments.
By Loreta Juodagalvyte; [email protected]
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