ReNeuron Group

LN: RENE

£73.2m market cap

230p last close

ReNeuron is a UK biotech company developing allogeneic cell therapies: CTX neural stem cell products for stroke disability (Phase IIb) and human retinal progenitor cells for retinitis pigmentosa (Phase I/II).

Investment summary

ReNeuron is focused on three cell therapy-based programs. The CTX neural stem cell program demonstrated positive response rates in key measures that were sustained after extended follow-up. ReNeuron has started the placebo-controlled Phase IIb trial in chronic stroke disability with data expected in H2 2020. ReNeuron also has the hRPC (human retinal progenitor cells) program for retinitis pigmentosa (currently in a Phase I/IIb study). Interim and follow-up data on the RP Phase I/II study was announced in early 2019 and early efficacy was striking with more data in H219. Both CTX and hRPC products have been partnered with Fosun in China. The exosome platform (generated from the CTX cell line) is a further source of products and business development for ReNeuron.

Y/E Mar
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 0.9 (20.2) (21.0) (55.66) N/A N/A
2019A 2.7 (18.0) (17.2) (45.16) N/A N/A
2020E 0.0 (24.1) (24.1) (63.67) N/A N/A
2021E 0.0 (27.9) (27.9) (73.74) N/A N/A
Last updated on 25/07/2019
Industry outlook

Limited drug development has targeted chronic stroke to date, which is the area in which ReNeuron is attempting to demonstrate a meaningful reduction in disability. If shown, it would offer a compelling case for further development and/or partnering. The recent striking RP data makes a partnering transaction more likely and has become the focus for investors.

Last updated on 25/07/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (£m) 7.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 12.2 (12.2) 143.4
Relative* 10.9 (12.7) 150.1
52-week high/low 325.0p/47.5p
*% relative to local index
Key management
John Berriman Chairman
Olav Hellebø CEO
Michael Hunt CFO
John Sinden Chief Scientific Officer

Content on ReNeuron Group