ReNeuron Preliminary Results for the Year Ended 31 March 2009
• ReN001 stem cell therapy for stroke
o UK regulatory approval obtained for Phase I trial
o Ethics approval process ongoing, ahead of commencement of patient recruitment
o Bio-manufacturing agreement signed with Angel Biotechnology for clinical-grade stem cell lots
• Positive pre-clinical data generated with lead CTX cell line in peripheral artery disease – initial clinical trial targeted within two years
• Business restructuring complete, with substantial reduction in underlying cost base
• Board strengthened with appointment of Bryan Morton as non-executive director
• Loss for the year reduced to £3.7 million (2008: £6.6 million)
• Net cash outflow from operating activities reduced to £4.4 million (2008: £6.1 million)
• Cash and cash equivalents at 31 March 2009 of £0.9 million (2008: £2.8 million)
• Share placing to raise £3.0 million, before expenses, together with capitalisation of existing £2.5 million convertible loan notes, both completed post-year-end
Commenting on the results, Professor Trevor Jones, Chairman, said:
“During the period, we secured UK regulatory approval to commence an initial clinical trial with our ReN001 stem cell therapy for stroke, a very significant achievement for ReNeuron and an important milestone in the wider stem cell field. We look forward to the commencement of patient recruitment for this trial once the ongoing UK ethical approval process has completed.
We have also reduced our cost base substantially during the period, re-focussing our efforts on enhancing the ReN001 therapy and testing the utility of our lead CTX cell line in other conditions beyond stroke. In this regard, we are greatly encouraged by the positive pre-clinical efficacy data generated in our peripheral artery disease programme during the period. In difficult financing conditions, we were also able to successfully complete a fundraising for the business subsequent to the year end.
We believe ReNeuron is strongly positioned to build on the above achievements as it transitions into a leading clinical-stage stem cell development business and we look forward to providing further updates on progress over the coming months.”