Fri, 28 Feb 2020

Edison issues update on ReNeuron Group (RENE)

ACCESSWIRE
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.

Click here to view the full report.

Subscribe to Edison's content to receive reports by email.

All reports published by Edison are free-to-access and available on the website.

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Dr John Savin, +44 (0)20 3077 2500

healthcare@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on:

LinkedIn https://www.linkedin.com/company/edison-group-

Twitter www.twitter.com/Edison_Inv_Res

YouTube www.youtube.com/edisonitv

SOURCE: Edison Investment Research Limited



View source version on accesswire.com:
https://www.accesswire.com/575863/Edison-issues-update-on-ReNeuron-Group-RENE

More Portland News

Access More

Sign up for Portland News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!