Tue, 15 Jun 2021

Edison issues update on ReNeuron Group (RENE)

10 Feb 2020, 23:13 GMT+10

LONDON, UK / ACCESSWIRE / February 10, 2020 / The last 16.42% of the former Woodford stake in ReNeuron (LSE:RENE) has now been sold to Obotritia Capital. The rest of the former Woodford stake, 16.58%, is now managed by Schroders in an investment trust. Removing the 16.42% overhang should help the shares to stabilise and recover. Clinically, ReNeuron aims to present more retinitis pigmentosa eye data during 2020 adding to the strong initial data. Stroke data from the CTX PISCES III trial are expected around mid-2021. We value ReNeuron at £197m, unchanged.

ReNeuron recorded a net loss of £3.9m in H120. Cash and equivalents on 30 September were £21.3m, providing funding into 2021. We retain our indicative value of £197m or 624p per share. This uses a 25% probability of success for hRPC. It is possible that hRPC could become the major valuation contributor as more data emerge over 2020, and its positioning against gene therapy products and path to FDA review become clearer. The CTX stroke indication is a major unmet need, but the current PISCES III trial cannot produce data before mid-2021, our expected launch window as from 2024 onwards is unchanged.

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