Renovo continues to invest in research

RENOVO, the Manchester-based medical research company, is continuing to plough cash reserves into drug development.

In a management statement the company, which is working on treatments that reduce scarring and improve wound healing, said cash balances shrank by nearly £2m to £56.1m between the end of March and June 30.

“Renovo’s management team believes that the company is appropriately funded for ongoing operations,” said the statement.

During the nine months to June the company received research and development tax credits worth £3m.

In September Renovo announced a major restructure which saw it axe 50 staff – a third of its workforce – and focus its resources on the clinical development of its late stage product portfolio; Juvista, Adaprev and Prevascar.

The cash rich firm is planning on having £25m-£30m in the bank when it reports the first European trials of Juvista, its scarring product, next year.

The company said it had recruited more than 350 patients from the UK, France, Hungary, Germany, Italy, Poland, Spain, Denmark, Latvia and the US for the trials.