Renovo Group plc (LSE: RNVO), the biopharmaceutical company developing drugs for the reduction of scarring and acceleration of healing, today received notification (subsequent to the release of the Company’s Interim Results) that the following Directors purchased shares in Renovo:
Buchanan Communications Mary-Jane Johnson / Tim Anderson / Lisa Baderoon Tel: +44 (0) 20 7466 5000
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 seven Phase 2 double blind, placebo controlled efficacy trials.
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.
Zesteem, Renovo’s lead drug for the acceleration of wound healing in the skin is currently being investigated in a Phase 3 clinical trial. Prevascar reported statistically significant Phase 2 efficacy data for the reduction of scarring in the skin in April 2007 and is also being investigated for enhancing regeneration of peripheral nerves following injury or trauma. Juvidex is in a Phase 2 trial for the acceleration of healing in the skin. In addition Renovo has an extensive preclinical pipeline.