Renovo hails drug trial success
BIOPHARMACEUTICAL firm Renovo today hailed the success of its anti-scarring drug after ploughing more than £18m into research and development this year.
The Manchester-based firm revealed that it received a positive result from phase 2 trials of its lead drug, Juvista, used for the reduction of scarring in various vein surgery. Phase 3 trials of Juvista have now commenced.
In the 12 months to September 30, the group said sales had soared from £500,000 to £7.6m, while losses before tax narrowed from £23.1m to £21.7m. It invested £18.5m into research and development, and added that it remains well-funded with £82.6m in cash in investment.
Renovo said that following unsuccessful phase three trials of its niche product Zesteem, the group has decided to end its development.
Chief executive Professor Mark Ferguson said Renovo’s main priority is to progress Juvista through the European phase 3 programme and develop other products within its pipeline.
He said: “I am delighted that Juvista demonstrated statistically significant improvements in scar appearance at in multi-centre European Phase 2 trial in varicose vein surgery.
“This result reinforces previous findings from our extensive phase 2 programme and increases our confidence in the European phase 3 trial for Juvista which has commenced on schedule.”
Shares in Renovo nudged up 5% to 19.75p.
