Business is ticking along at stem-cell therapy specialist ReNeuron (RENE). This is important, because the company has undergone a significant management shift in the past six months. Long-standing chief executive Michael Hunt stood down, making way for new boss Olav Hellebo, and moved into the role of chief financial officer.
Encouragingly, change at the top hasn't affected the pace of ReNeuron's clinical programme. A second-phase trial for its stroke treatment kicked off over the summer, alongside a first-phase study for the critical limb ischaemia product, which treats a chronic side effect of diabetes.
Next on the agenda is a clinical study in the US - biotech's 'promised land' - for a new retinitis pigmentosa treatment. ReNeuron hopes to submit an initial application for the study in the early part of 2015. Mr Hellebo says his motivation for moving overseas was the lower cost and kinder regulatory environment. It's also part of a wider strategy to catch the attention of specialist biotech investors across the Atlantic.
Next year, the group will move into its new state-of-the-art manufacturing facility near Cardiff in Wales. It expects to have a license to start cell manufacturing activities there by the first half of 2016.
Prior to these results, analysts at Cenkos expected losses of £7.6m for the current financial year.
| RENEURON (RENE) | ||||
|---|---|---|---|---|
| ORD PRICE: | 3p | MARKET VALUE: | £60m | |
| TOUCH: | 3-4p | 12-MONTH HIGH: | 4p | LOW: 2.7p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 0.9p | NET CASH: | £10m | |
| Half-year to 30 Sep | Turnover (£'000) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2013 | 11 | -3.5 | -0.3 | nil |
| 2014 | 11 | -4.9 | -0.2 | nil |
| % change | - | - | - | - |
Ex-div: na Payment: na | ||||
