Renovo said that the positive results it received on a trial for its Juvista scar healing treatment in the varicose vein indication clears the way for a final, large clinical trial that will take two years.
It has been a frustrating year for Renovo after Juvista failed to minimise scars left by breast enlargement procedures in a clinical trial in March. Chief executive Mark Ferguson believes that the dosing of 250 nanograms was wrong for these trials and says that this has been corrected: “In my opinion, if we had we done 500ng on breasts the results would have been positive.”
The company now has three products in clinical development and results of a trial for Juvidex, its treatment for facial peeling after laser surgery, are due in the first half of 2009. However, it has abandoned Zesteem, which heals scarring as a result of skin grafts, due to the failure of a Phase III trial.
| RENOVO (RNVO) | ||||
|---|---|---|---|---|
| ORD PRICE: | 20p | MARKET VALUE: | £38m | |
| TOUCH: | 19-20p | 12-MONTH HIGH: | 177p | LOW: 17p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 30p | NET CASH: | £82.6m | |
| Year to 30 Sep | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2005 | nil | 9.7 | 9.9 | nil |
| 2006 | nil | -12.2 | -8.4 | nil |
| 2007 | 0.49 | -23.2 | -12.3 | nil |
| 2008 | 7.60 | -16.7 | -7.2 | nil |
| % change | - | - | - | - |
Click for a guide to the terms used in IC results tables.
Renovo has £82.5m of net cash and, based on its cash burn guidance of £20m to £25m this year, it has sufficient resources for the three to four years needed to develop Juvista.
