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Sadly, this is AIM and not NASDAQ!

Given that "Cells communicate via exosomes, nano-sized packages of information released by cells and absorbed by other cells in a functionally relevant manner", then I guess is it true to say CTX expressed exosomes would have been present in the CTX trials. However, this is presumably not quite the same as where they have been loaded with a particular payload. That's what is being worked on at present, I believe.

"ReNeuron's current valuation: £37,000,000."

Biogen acquired Nighstar Therapeutics for ............ $800 million..

Completely agree Grizzlyb.

The main point is perhaps that the whole hRPC story has now been validated by a decent-sized PH2b study. OK - jCyte uses intravitreal rather than subretinal injection but the latter technique is already used in approved treatments so I don't believe that this represents an undue risk and it could well have significant benefits. As an investor, I feel happier about the risk-reward proposition after today's news. Hopefully, some of the larger partners in discussion with RENE regarding the PH2a extension study also feel the same way. It's worth remembering that jCyte did their $250m deal with Santen a month before making their Ph2b data public.

Thanks Haplo.

"A total of 84 patients were randomized of which 74 met criteria for the per protocol analysis. The mean change in BCVA from baseline to month 12 were +2.81, +2.96, and +7.43 letters in the sham (N=26), 3.0x106 hRPC (N=25), and 6.0x106 hRPC (N=23) treatment arms, respectively. In a post hoc exploratory analysis of the target subgroup (n=37), mean change in BCVA from baseline to month 12 were +1.85, -0.15, and +16.27 letters in the sham (N=13), 3.0x106 hRPC (N=13), and 6.0x106 hRPC (N=11) treatment arms, respectively (p=0.003 for 6.0x106 hRPC vs sham). Supportive improvements in the 6.0x106 hRPC target subgroup compared to the control (sham) group were also observed in all secondary endpoints which further support the BCVA findings in this subpopulation.."

I'm no expert but this seems like good news for RENE. The results across the whole population at month 12 were +2.81, +2.96, and +7.43 - the last being the highest dose of 6million cells. jCyte have then looked at a specific subpopulation and achieved +1.85, -0.15, and +16.27. A few things to note: (i) JCyte's efficacy appears dose dependant (ii) RENE's 2b results are comparable to the 6Million dose jCyte subpopulation figure, I believe (ii) RENE have improved the PH2a extension study design in several ways - - doubling cell count, changing the bleb location to avoid potential damage to functioning photoreceptors and using more sophisticated techniques for measuring efficacy (as used in Gene Therapy trials that lead to product approvals). These steps should further improve efficacy.

I'm sure we will hear from RENE's management team in due course on their thoughts.

It's worth listening to what RENE's CMO says about the RP PH2a extension in the presentation. In the final minute, he mentioned that they expect to have efficacy data this time next year, however, if there is something material then they will be announce before then. Looking back at the RNS dated 20 February 2019 "ReNeuron Group plc - Positive preliminary data in US retinal", this was, I assume, deemed to relate to a "material" event. The RNS was based upon data from the first Phase II cohort, at two months follow-up for one subject, and at 18 days for the other two. Assuming the Ph2a extension starts in August, then it might be that we see a similar announcement of a subset of the nine patients in Q4.

jCyte announced their Ph2b trial results at a conference this weekend. I believe this will be made public soon but if anyone is aware of this, please share. Given the similarities with RENE, the increase in Cell Count used in their latest study is of great interest.

Hi Chester

I think you will see more research collaborations over the next few months - as Michael Hunt pointed out, not all will be a "hit" but signing more agreements increases the odds of a commercial arrangement with at least one partner. If the RP PH2a extension begins in August/September and finishes late 2020/early 2021 then they are likely to release 3 -month data in Q1/Q2 next year.

I think you are pretty much spot on in your assessment. My main concern when investing is the amount of risk to capital that I am prepared to accept. I bought in above the current share price but having listened to the analyst presentation yesterday, I am reasonably comfortable that I will see a premium in the next 12 months. The RP study results, reported by independent investigators at multiple sites, plus the progress made by their competitor jCyte, gives a level of confidence that results will be positive in the next cohort of the Ph2a. For the exosomes program, the commercial deals that competitors have secured also bodes well. Olav stated that the main difference between Rene and the pure-play exosomes competition was that they have yet to produce data in an animal model - something Rene are working furiously on. I certainly do not take what company directors say as gospel but his expectation that one or more of the research agreements will result in a commercial deal seems plausable. The Fosun continuation of the CTX program for stroke is a bonus as far as I am concerned. If Rene do pull in a high value partnering deal at some point, they could chose to restart the stroke trial by funding themselves.

Hi Chester

I am hopeful that we will see something before mid-2021. Given that the procedure has been performed repeatedly, I would expect the additional surgeries to be undertaken in quick succession. We really only need to see the 3-month data to be reasonably certain of the effect of increasing the cell count. Longer-term performance can possibly be extrapolated from the 1Million cell data set.

I do agree that some news on collaborations would be very welcome...

Fingers crossed!

I've looked at the Reneuron RNS back to 2016 and they have always published a notification of results prior to release. The lack of one so far this year might suggest a possibility of some late-breaking news.....

This is the later jCyte trial https://clinicaltrials.gov/ct2/show/NCT03073733 - I suspect jCyte must have demonstrated reasonable efficacy to Santen in order to get the deal they did. Michael Hunt recently stated in a Q&A that there's room in the market for several players...

It's an interesting comparison. It's worth watching this https://www.youtube.com/watch?v=wHMnrtujvu0 - of interest is his answer in the Q&A (26 mins).

My observation is that generally anticipated (good) news often fails to move prices whereas "out of the blue" surprises have a much more positive effect. As an example, look at the Rene price spike after the announcement of the Huntington's disease research success using CTX - this came from nowhere. Some good news on exosomes may well change the mindset around the stock, dissuading sellers and attracting new buyers. This is what moves prices upwards.