Dr Sharon O’Kane To Leave Renovo Ltd. At AGM In February 2010
9/15/2009 1:32:33 PM
Renovo Group plc (LSE: RNVO), the biopharmaceutical company developing drugs for the reduction of scarring, today announces that Dr. Sharon O’Kane, Executive Director, Chief Scientific Officer and Co-Founder will be leaving the Company with effect from the next Annual General Meeting on 10th February 2010, to pursue other business interests. Dr O'Kane has helped to build the success of Renovo since its foundation.
Dr Sharon O’Kane commented: “I have greatly enjoyed helping to build Renovo from its foundation 10 years ago through to the successful public company it is today. I intend to use this experience to help start and build other companies and to take up some Non-Executive director positions. I am confident that Renovo has a bright future which I will follow with interest."
Mr Rodger Pannone, Chairman of Renovo, said: “The Board would like to thank Sharon for her significant contribution to the success of the business over the last 10 years, during which time Renovo has developed from a small early stage private company to a larger public entity with a late stage pipeline of drugs for the prevention and reduction of scarring. Whilst we will be extremely sorry to see Sharon leave, we understand that she wishes to put her experience to use in growing and advising other companies. We wish her well for the future."
About Renovo Group plc
Renovo is a biopharmaceutical product company and a leader in the discovery and development of drugs to improve the appearance of scars. Juvista (INN: avotermin), Renovo’s lead drug for the reduction of scarring in the skin, has been generally well tolerated by around 1,500 human subjects and has provided statistically significant efficacy data in eight Phase 2 double blind, placebo controlled efficacy trials. The first EU Juvista Phase 3 efficacy trial in scar revision surgery is recruiting and is on track to report in the first half of 2011.
Renovo announced in June 2007 that it had signed an exclusive licensing agreement with Shire plc to develop and commercialise Juvista. The agreement covers every country in the world except the European Union, the rights to which have been retained by Renovo. Under the terms of the deal Renovo has already received an initial upfront payment of US$75 million and an equity investment of US$50 million. Contingent on the successful development and commercialisation of Juvista Renovo will be eligible for further payments of up to $700 million together with escalating royalties on sales.
Prevascar® reported statistically significant Phase 2 efficacy data for the reduction of scarring in the skin and is in formulation optimisation to further enhance efficacy. Renovo will commence a Phase 2 trial for Adaprev™ in the reduction of scarring in tendons in 2009.
For further information on Renovo please visit: www.renovo.com
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