Renovo remains well funded

MEDICAL research group Renovo will today tell shareholders that it is well funded to continue development of its pioneering drugs.

Rodger Pannone, chairman of Manchester-based Renovo, which is developing drugs for the reduction of scarring, said that while its cash deposits had reduced from £82.6m to £74.3m from the previous quarter as it develops its product portfolio, the management team believes it is appropriately funded for continuing ongoing operations.

Renovo’s main focus is to progress Juvista, its lead product for the reduction of scarring, through the European phase 3 programme. The first trial has started on chedule and is due to report in 2011. 

Renovo, founded by chief executive Mark Ferguson, is continuing to progress other products and is planning to begin a phase 2 efficacy trial for Juvidex.

Renovo also said that Dr David Feigal has retired as a non-executive director, however he has joined the Renovo Scientific and Clinical Advisory Board (SCAB) as an adviser.

Mr Pannone said: “I’d like to thank David for his wise counsel and contribution to Renovo’s success. We look forward to continuing to work with David in his new advisory capacity.”