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from Proactive Investors by
Stem cell specialist ReNeuron (LON:RENE) says it’s upbeat after what it called a ‘transformational’ year, as it posted results for the year to end March.
A share placing in July raised £25.3mln bolstering the balance sheet and will fund key second phase clinical trials over the next two years, it said.
Last month, there were encouraging results of the phase I clinical trial of its REN001 treatment for disabled stroke patients and phase II trial is now open for recruitment.
Bryan Morton, ReNeuron‘s chairman said the year had been transformational – both operationally and financially.
“Our cell therapy candidate for stroke has entered Phase II clinical development and we have commenced clinical development of our cell therapy candidate for critical limb ischaemia.
“In both cases, and earlier-than-planned, we have gained regulatory approval to use a second-generation cryopreserved variant of our lead CTX stem cell line, providing the potential for significant commercial and competitive advantages for our business.
“We remain on track to move into our world-class cell manufacturing facility in South Wales in the early part of next year, which we believe will become a major element of ReNeuron‘s overall value proposition.
“We are also on track to file an IND application in the US early next year seeking FDA approval to start a Phase I/II clinical trial of our retinitis pigmentosa cell therapy, and we are greatly encouraged by the progress and potential of our emerging CTX cell-derived exosome therapeutic platform.”
In keeping with a company at this stage of development, the loss before tax was £7.8mln (2013:loss of £7mln).
