MAIDEN PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2006
Renovo Group plc (LSE: RNVO), the biopharmaceutical company developing drugs for the prevention and reduction of scarring at multiple body sites, today announces its preliminary results for the year ended 30 September 2006.
* Four statistically and clinically significant Phase II human efficacy trials now reported for Juvista
* IND and protocol for scar prevention following keloid excision opened in the United States for
* Partnering discussions for Juvista continue to progress well
* Continued excellent safety and tolerability profile for Juvista - over 1,500 subjects now dosed with no safety issues
* Drug manufacturing for Phase III Juvista trials commenced and on track
* First Phase III clinical trial initiated for Zesteem in split thickness skin graft donor sites
* Juvidex first proof of concept trial demonstrates efficacy trend in line with expectations for an antagonist
* Prevascar first Phase II efficacy trail fully recruited and due to report in H1 2007
* Significant advances in pre-clinical pipeline - eleven new patent applications filed
* Admitted to the main market of the London Stock Exchange in April 2006
* Raised net cash of £63.3 million, principally through flotation, to develop our product pipeline
* Cash consumed in operations during the year was £10.0 million*
* Net cash position including term deposits at 30 September 2006 was £60.7 million
* net of research and development tax credit cash inflow of £2.1m
Commenting on the results, Rodger Pannone, Chairman of Renovo said:
"During the year Renovo has made good progress towards its aim of being first to market with a drug that will prevent and reduce scarring in the skin. Including the recent positive clinical trial results that were announced in the second half of 2006, Renovo has now reported four statistically and clinically significant Phase II results for its lead drug, Juvista. Discussions with potential partners for Juvista are progressing well and we are excited about the future prospects for the Company."
An analyst briefing will be held at 9.30 am today. The venue for the meeting will be Buchanan Communications, 45 Moorfields London, EC2Y 9AE.
Simultaneous to the meeting, there will be a live audio web cast of the preliminary results presentation. To connect to the web cast facility, please go to the Company's website www.renovo.com approximately 5 minutes (09:25 am) before the start of the briefing.
For further information please contact:
Renovo Group plc
Professor Mark Ferguson, Chief Executive Officer
44 (0) 161 606 7222
Simon Bielecki, Head of Communications
44 (0) 161 606 7328