Ahead of its Annual General Meeting, which is being held today, Renovo Group plc (LSE: RNVO), the biopharmaceutical company developing drugs for the reduction of scarring and acceleration of healing, publishes its Interim Management Statement for the three months to 31 December 2008.
During the period the Company has continued to expend its cash balances developing its product portfolio. Renovo’s combination of cash and cash equivalents with term deposits maturing within one year as at 31 December 2008 was £74.3m, compared to the £82.6m previously reported as at 30 September 2008. Renovo’s management team believes that the Company 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 EU Phase 3 trial commenced on schedule and is due to report in the first half of 2011.
Renovo is continuing to progress the other products within its pipeline. As previously guided the Company is on track to report Juvidex Phase 2 efficacy data for the acceleration of healing in the first half of 2009. Additionally Renovo is planning to commence a Phase 2 efficacy trial for Juvidex in the reduction of scarring following injury to digital tendons later this year.
Renovo announces that Dr David Feigal has retired as a Non-executive Director of the Company, effective from 9 February 2009.
Renovo is delighted that the Company will continue to benefit from David’s sound advice and regulatory experience through the Renovo Scientific and Clinical Advisory Board (SCAB), which he has agreed to join.
Mr Rodger Pannone, Chairman of Renovo, 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.”
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 and enhance wound healing.
Renovo has a portfolio of drugs which exploit different novel mechanisms of action to reduce scarring at multiple body sites and accelerate healing. Juvista, 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 European Juvista Phase 3 efficacy trial commenced on schedule in the second half of 2008.
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. Juvidex is in a Phase 2 trial for the acceleration of healing in the skin, which will report in H1 2009 and is due to commence a Phase 2 trial in the reduction of scarring in tendons in 2009. In addition Renovo has an extensive preclinical pipeline.
For further information on Renovo please visit: www.renovo.com