Renovo shares crash 75% on trial gloom

RENOVO, the Manchester-based bio-medical company has lost 75% of its stock market value after shocking the City with disappointing clinical trial results for its leading drug.

The company said its key scar-healing product, Juvista had failed Phase III clinical trials. Shares crashed 75% to close down 52p at 16.9p on Friday.

Renovo, a former University of Manchester spin-out firm, said the first EU Phase III trial for Juvista in scar revision surgery did not meet its primary or secondary endpoints.

The company said it would conduct further exploratory analysis and determine the future of the Juvista development programme.

Founder and chief executive Professor Mark Ferguson said: “We are extremely surprised and disappointed by the failure of Juvista to meet the Phase III trial primary and secondary endpoints.

“The board of Renovo will now consider all options open to it to maximise shareholder value.”