Renovo Group plc (LSE: RNVO), the biopharmaceutical company developing drugs for the reduction of scarring, today publishes its Interim Management Statement for the three month period to 30 June 2009.
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 30 June 2009 was £71.1m, compared to £73.0m previously reported as at 31 March 2009. The Company is well funded and continues to manage the business to maximise shareholder value from its cash position.
Renovo’s main focus is to progress Juvista, its lead product for the reduction of scarring, through the European Phase 3 programme. The first EU Phase 3 trial is currently recruiting and remains on track to report in the first half of 2011. The other products in Renovo’s portfolio continue to progress as previously guided.