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LONDON (Alliance News) - ReNeuron Group on Monday reported a slightly widened pretax loss for its first half, as it continued to progress its clinical development programmes.
For the half year to end-September, the company reported a pretax loss of GBP5.2 million, widened from GBP4.9 million a year before, due to higher general and administrative costs. Revenue was flat at GBP11,000.
ReNeuron raised GBP68.4 million in a share placing during the period, which it said funds all of its therapeutic programmes through mid or late-stage clinical development.
During the half-year, the company got US Food and Drug Administration approval to begin a phase I/II clinical trial in the US with its human retinal progenitor cell therapy candidate for retinitis pigmentosa - a group of hereditary diseases of the eye.
The first patients have been recruited to the phase I/II study, and initial safety and tolerability data from the study is expected in the second half of 2016. Subject to the outcome of this trial, ReNeuron plans to file to begin a phase II/III trial for the treatment in 2017.
During 2016 the company also expects to report data from its ongoing trials in critical limb ischaemia and disability as a result of stroke.
Shares in ReNeuron were flat at 2.75 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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