Losses down at Renovo

RENOVO, the North West bio-medical group developing drugs to combat scarring slashed its annual losses after a major reorganisation last year.

The Manchester-based group said it remains well funded as it enters a critical period – next year will see the completion of Phase 3 clinical trials for its lead drug Juvista.

In the year to September 30 Renovo saw losses fall from £17.1m to £6.4m. Revenue in the same period rose from £5.1m to £16.2m after a £13.8m payment was received from partner Shire in relation to the Juvista development programme.

After last autumn’s reorganisation, which trimmed staff numbers by around 30% to 100, Renovo was able to cut operating expenses by 22% to £19m.

As at the end of the period it had cash balances of £51.8m. Renovo  expects to have £30m remaining next year, when it expects to need it most during a “cash intensive” period of late-stage Juvista trials.

Renovo was founded by former Manchester University academic Professor Mark Ferguson.