LONDON, UK / ACCESSWIRE / June 23, 2020 / ReNeuron has changed its focus to concentrate on cell therapy for retinal disorders. The Phase I/II has FDA clearance to use a higher dose and a new UK trial site in Oxford has been added. A pivotal study may start in H221. The CTX cell line for stroke will now be out-licensed. Internally, it will be used to produce exosomes, an emerging new area. Preclinical exosome technology might be used for therapeutic delivery to the brain and in vaccination or treatment of SARS-CoV-2 infections. Our indicative value is adjusted to £107m, formerly £197m, pending full FY20 results due in July.
The changes above reduce our indicative value to £107m (formerly £197m). The stroke indication was 49% of the pre-cash value. We will reassess the hRPC valuation as data emerge. Exosome deals are promising but the projects are preclinical and cannot be realistically assessed yet. The hRPC launch is now assumed in 2024. Cash on 31 March 2020 is estimated to be about £8m pending the year-end results due in July. We envisage a further funding need in FY21.
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