Edison issues update on ReNeuron Group (RENE)

LONDON, July 13, 2018 (GLOBE NEWSWIRE) — ReNeuron ended FY18 with a healthy cash balance and the 11 July announcement of an exclusivity agreement worth up to US$5m with a US specialty pharmaceutical company for the evaluation of ReNeuron’s hRPC platform now leaves it well-funded through to FY20. A key milestone is the imminent start of the US Phase IIb PISCES III placebo-controlled study in chronic stroke disability, which heralds the later stages of clinical development for ReNeuron.

We have updated our model for the FY18 results, and incorporated the recent grants and US fee agreement. Our valuation moves to £280m or 8.9p per share from £276m or 8.7p per share, but does not yet include the second $2.5m (£1.9m) payment in evaluation fees, which could be received in the next three months. 

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