Renovo Group plc (LSE: RNVO), the biopharmaceutical company developing drugs for the prevention and reduction of scarring at multiple body sites, today announces its interim results for the six months ended 31 March 2007.
Highlights
- Exclusive licensing deal with Shire plc announced today - contingent on the successful development and commercialisation of Juvista® Renovo will be eligible for upfront, development, regulatory and sales-related milestone payments of up to $825 million with escalating royalties on sales (see separate press release issued today)
- Prevascar first in man Phase II efficacy trial meets its primary endpoint with additional statistical significance in multiple secondary endpoints
- Demonstrated efficacy for three drugs in Phase II trials - Juvista, Zesteem® and Prevascar
- First patients recruited into multi-centre Zesteem Phase III EU clinical trial for the acceleration of healing in split thickness skin graft donor sites
- Cash consumed in operations during the half year was £10.4 million*
- Net cash position including short-term deposits at 31 March 2007 was £50.4 million
* net of research and development tax credit cash inflow of £1.7 million
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