Renovo reports continued progress

RENOVO, the pioneering North West bio-pharma group which is developing drugs to reduce scarring and speed-up the healing of skin, today said it had continued to make progress in the last six months.

The Manchester company, led by former academic Professor Mark Ferguson, said it is now recruiting 350 people from nine European countries for a third-phase clinical trial of its lead drug, Juvista.

Renovo, which is in an offer period, gave no update in its half-year report regarding this situation.

In the six months to March 31 Renovo posted a loss before tax of £8.7m, up from £7.3m a year ago. Turnover, reflecting staged income from a deal struck in 2007
with drugs giant Shire, to develop Juvista, rose from £3.8m to £4.1m.

Cash consumed in operations during the half year was £12.6m, up from £12.m in the first half of 2008. At the end of the half year Renovo said it had net cash of
£73m.

Professor Ferguson said today: “Renovo’s product pipeline shows solid progression in line with guidance.  Our key focus continues to be the Phase 3 programme for Juvista and I am pleased to report that the first European trial is on track to report in the first half of 2011.

“We continue to manage the business to maximise shareholder value from our significant cash position.”

Renovo employs around 170 people at its base on Grafton Street, Manchester.