LONDON, May 8, 2019 /PRNewswire/ -- ReNeuron Group plc (AIM: RENE), a global leader in the development of cell-based
"We are greatly encouraged by the progress we have made with our cell therapy clinical development programs for retinitis pigmentosa (RP) and stroke disability since our interim financial results update last December. Both the hRPC and CTX studies are expected to continue to yield meaningful clinical data during the course of 2019 and 2020. We are pleased to be working with Fosun Pharma as our partner for China and are encouraged by the level of interest other potential collaborators are showing in all of our programs. We look forward to continuing to advance our clinical and business development activities in the months ahead," said Olav Hellebø, Chief Executive Officer of ReNeuron.
Recent Highlights from Clinical Programs
Business Development Activities
ReNeuron's technologies and therapeutic programs have increasingly attracted the interest of commercial third parties, as demonstrated by the Company's recent licence agreement with Fosun Pharma. The Company is in discussions with other commercial third parties regarding potential collaboration and/or out-licensing deals across ReNeuron's programs.
ReNeuron's unaudited financial results for the year ended March 31, 2019 remain in line with the Board's previous expectations.
The Company had unaudited cash, cash equivalents and bank deposits totalling £26.39 million as of March 31, 2019 (March 31, 2018 audited: £37.41 million). The Directors expect that the Company's current financial resources, combined with the £6.0 million upfront fee and near-term milestone income from the above-mentioned licence agreement with Fosun Pharma, will be sufficient to support operations for at least the next 12 months from the date of this announcement.
Notification of Preliminary Results
ReNeuron will announce its preliminary results for the year ended March 31, 2019 on Thursday, July 11, 2019. A meeting for analysts will be held at 10.00am BST (5:00 a.m. ET) on the morning of the announcement, at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. Further details regarding the analyst meeting will be announced in due course.
ReNeuron is a global leader in cell-based therapeutics, harnessing its unique stem cell technologies to develop 'off-the-shelf' stem cell treatments, without the need for immunosuppressive drugs. The Company's lead clinical-stage candidates are in development for disability as a result of stroke and for the blindness-causing disease, retinitis pigmentosa. ReNeuron is also advancing its proprietary exosome technology platform as a potential delivery system for drugs that would otherwise be unable to reach their site of action. ReNeuron's shares are traded on the London AIM market under the symbol RENE.L. Further information on ReNeuron and its products can be found at www.reneuron.com.
This announcement contains forward-looking statements with respect to the financial condition, results of operations and business achievements/performance of ReNeuron and certain of the plans and objectives of management of ReNeuron with respect thereto. These statements may generally, but not always, be identified by the use of words such as "should", "expects", "estimates", "believes" or similar expressions. This announcement also contains forward-looking statements attributed to certain third parties relating to their estimates regarding the growth of markets and demand for products. By their nature, forward-looking statements involve risk and uncertainty because they reflect ReNeuron's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of factors could cause ReNeuron's actual financial condition, results of operations and business achievements/performance to differ materially from the estimates made or implied in such forward-looking statements and, accordingly, reliance should not be placed on such statements.
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SOURCE ReNeuron Group plc
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