Renovo has £30m for investments

RENOVO, the AIM-listed company which has now ended all operations in the bio-medical sector, says its has a cash pile of nearly £30m for investments.

The Manchester University spin-out, a one-time pioneer of drugs to help scars heal – ended its development on a product called Prevascar last month, and is now essentially a listed investment company.

Half year results for the six months to the end of March reflected Renovo’s changed focus, with zero revenues, compared with £15.9m 12 months ago.

As a result of spending £374,00 on the legacy R&D projects, Renovo made a bottom-line loss of £253,000, compared with a profit of £4.1m last year.

Its cash position including investments at the end of March this year was £29.9m compared with £44.4m a yera ago.

Chairman Jamie Brook said: “The board will continue to focus on its previously announced merger and acquisition plans and its share buy back programme in order to enhance shareholder value.”