(Alliance News) - ReNeuron Group PLC on Thursday said its loss narrowed in its most recent financial year after it received an exclusivity fee and increased finance income.
Shares in ReNeuron were down 11% at 244.40 pence in late morning trade.
In its financial year to March 31, the cell-based therapeutics company posted a GBP17.2 million pretax loss, narrowed from GBP21.0 million the year before.
This reduction in loss was the result of a GBP1.9 million exclusivity fee received from out-licencing negotiations, with no such fee received the year before.
Adding to this, finance income increased to GBP1.1 million from GBP320,000 and the company incurred no finance expense compared to GBP911,000 of finance expense the year prior.
Revenue from royalty income was GBP49,000, up from GBP43,000.
Looking ahead, ReNeuron said it is awaiting results from trials of its CTX cell therapy candidate in chronic stroke disability, as well as trials of its hRPC candidate in the blindness-causing disease retinitis pigmentosa.
The company has signed an exclusive licence with Fosun Pharma in China for its CTX and hRPC programmes.
"We are pleased to be working with Fosun Pharma as our partner for China, following the signing of the exclusive licence agreement for both our CTX and hRPC programmes in that territory. We are also encouraged by the level of interest other potential collaborators are showing in all of our programmes, including our exosome technology which is being developed as a novel system for delivering third party drugs," said ReNeuron.
Reneuron (RENE)