Cash rich Renovo looks to trials

RENOVO, the pioneering North West bio-pharma group which is developing drugs to reduce scarring and speed-up the healing of skin, told investors today it was well-funded and would continue to maximise shareholder value.

In an interim management statement covering the three months to June 30 the Manchester company said its combination of cash and cash equivalents with term deposits maturing within one year was £71.1m, down from £73m reported in March.

The Manchester company, led by former academic Professor Mark Ferguson, said its main focus was to take its lead drug Juvista through European trials.

Renovo is currently recruiting people from nine countries to take part in the third-phase clinical trial. The listed company employs around 170 staff at its headquarters close to the University of Manchester.