Sat, 15 Aug 2020

Edison issues update on ReNeuron Group (RENE)

17 Jul 2019, 18:43 GMT+10

LONDON, UK / ACCESSWIRE / July 17, 2019 / After a second-half punctuated by outstanding interim clinical results and partnering, which together contributed to a 430% year-to-date share price increase, the FY19 financial results now return to focus. The FY19 net loss decreased to Pound 14.3m (Pound 17.6m in FY18), driven by R&D spend of Pound 16.3m and an R&D tax credit of Pound 2.9m. We expect the year-end FY19 cash balance of Pound 26.4m to last into FY21.

We have updated our model for the FY19 preliminary results and made a number of other changes. We have increased our R&D spend in FY20 and FY21 to reflect the deferred spend from the delayed start to the PISCES III study. The Pound 16m illustrative debt represents either a licensing transaction or a fund-raising in FY21. These two changes reduced our valuation by c 3% but are more than offset by updating our model to reflect the Fosun milestones, R&D tax credits, and US dollar strength. Our valuation moves to Pound 198m or 625p per share, from Pound 193m or 610p per share previously. Our probabilities of success remain unchanged for now.

Click here to view the full report.

Subscribe to Edison's content to receive reports by email.
All reports published by Edison are free-to-access and available on the website.

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East, and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers, and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:
Andy Smith, +44 (0)20 3077 5700

Learn more at and connect with Edison on:

SOURCE: Edison Investment Research Limited

View source version on

More New York News

Access More

Sign up for New York State News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!