Renovo sells of Prevascar assets

RENOVO, the one-time bio-medical high flyer has disposed of its remaining assets of anti-scarring treatment Prevascar.

The Manchester-based business, which is now essentially a listed cash shell, has agreed a deal with US pharmaceutical company Targenics for $660,000, of which $160,000 will be paid on the satisfaction of “certain conditions.”

In April Renovo said it would not be progressing with the development of Prevascar after the completion of a clinical trial showed disappointing results for the treatment.

The business, originally a spin-out from the University of Manchester, said: “The proceeds from the disposal will further strengthen the company’s balance sheet giving it more flexibility in its current strategy to maximise returns for shareholders.

Prevascar, which is designed to reduce scarring in people with African ancestry, was the last of the remaining drugs that the Manchester-based company had in its development pipeline.

Last year it axed trials of its most advanced scar reduction drug, Juvista,  and then closed its Manchester base, laying off all but a handful of staff.