Ahead of its Annual General Meeting (AGM), which is being held today, Renovo Group plc (LSE: RNVO), the biopharmaceutical company developing drugs to reduce scarring, improve wound healing and enhance tissue regeneration publishes its Interim Management Statement for the three months to 31 December 2009.
During the period the Company has continued to expend its cash balances developing its product portfolio. Renovo’s combination of cash and cash equivalents with term deposits maturing within one year as at 31 December 2009 was £59.9m, compared to the £65.3m previously reported as at 30 September 2009. Renovo’s management team believes that the Company is appropriately funded for continuing ongoing operations. As previously reported, the net cash position, including investments, at the time of reporting the first Juvista EU Phase 3 trial in H1 2011 is expected to be between £25 million and £30 million.
Renovo’s main focus is to progress the following key programmes:
Juvista®, its lead product for the reduction of scarring, through the European Phase 3 programme. The first EU Phase 3 trial is due to report on schedule in the first half of 2011.
Adaprev™ is in a clinical trial for the reduction of adhesions following surgical repair of lacerated digital tendons and is due to report results in H1 2011.
Prevascar®, for the prevention and reduction of scarring in the skin should commence a new clinical trial in Q2 2010.
Renovo intends to partner Juvidex®, for the acceleration of healing, as a cosmetic ingredient.