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Value getting nicely baked in. Clearly an extremely high anticipation of the treatment being approved if $900m is being paid up front.

I think the technicals are looking pretty rosy right now and this brings confident and bullish investors/traders to the table. Been having a look at the charts on tradingview and assuming there isn't some spectacular crash before the end of this month (probably shouldn't have said that), we will have had 4 consecutive green months, which included a breakout in January from long term resistance and a bear market.

The monthly MACD is now extremely close to a bullish crossover, and that is one of the most powerful signals for medium to long term bullish sentiment you can look for in technical analysis. No such thing as a certainty with any of this as you will all well know, but the fundamentals and technicals are aligning nicely for the months ahead.

Hopefully it finally bears fruit.

A mention in the Investors Chronicle may have given it a tail wind today:

https://www.investorschronicle.co.uk/ideas/2021/04/21/reneuron-refinanced-and-ready-to-rise/

https://www.linkedin.com/posts/reneuron_stemcells-retinitispigmentosa-collaborativework-activity-6790550816093724673-tIEf

For those that don't have LinkedIn, this is Rene sharing a post from Jordi Mones at Barcelona Macula Foundation:

"Very excited to be sharing this news at ReNeuron Group Plc.

https://lnkd.in/esMrezN

#stemcells #retinitispigmentosa"

And the original post from Jordi below. . . . . . .

"First time trial of retinal #stemcells in #retinitispigmentosa in Europe. Very excited to share the approval by the EU and Spanish authorities for the First-in-human clinical trial Phase I/IIa of Subretinally Transplanted Human Retinal Progenitor Cells (hRPC) in Subjects with Retinitis Pigmentosa (RP) at Institut de la Màcula in Barcelona, working with ReNeuron Group Plc. Very grateful of the huge #collaborativework done by both entities, by the preceding and current investigators in US, as well by the CRO Ora, Inc. to make possible the starting of this journey to contribute to battle blindness. Now recruiting and selecting the appropriate candidates.

https://lnkd.in/dbvR2jJ

#blindness #stemcelltherapy #retina #raredisease #research #scientists #clinicalresearch #regenerativemedicine #science #innovationinhealthcare #opthalmology"

I'm trying to think back to last year when they managed to release a really positive RNS (maybe about exosome collab or something else generally very good) on the same day that the WHO announced that covid was a global pandemic. Price went up about 10% early doors and then finished the day either flat or down. Classic.

Hopefully the false dawns are now behind us, but you never know.

Agree Grizzly. Exopharm’s main claim is that they can scale exosomes to a commercial level, whilst suggesting that the likes of codiak and evox haven't yet been able to demonstrate this. From my understanding, rene is capable of this due to all the work that has gone in to CTX over the years.

Clinical grade and fully scalable are the words management use, I think.

Without being an expert in the field it's obviously difficult to say with certainty, but it does seem like we might be a little behind in terms of the exosome programme compared to evox and codiak, but I do think the huge amount of time and money spent on developing CTX may infer certain benefits for our exosome programme in the future.

'ReNeuron

Former City broker Richard Griffiths has been dubbed the ‘Welsh Wizard’ for his stock market bets, and has brought plenty of fellow investors under his spell.

So market watchers take note. It has emerged that the Jersey dweller has taken a 7 per cent stake in ReNeuron.

The small-cap is a stem cell research specialist which recently raised £15 million to expand a study of its treatment for a degenerative eye disease.

The shares have rallied over the last month, up more than 30 per cent at £1.33. Griffiths’ followers will have their eyes trained on this one.'

https://www.thisismoney.co.uk/money/markets/article-9457285/STOCK-WATCH-whos-favourite-William-Hill-takeover.html

One particular company notable by its absence here. Hopefully the next few months makes this look very out of date....

https://www.labiotech.eu/trends-news/exosome-evox-therapeutics/

Does look like an excellent company that is quietly going about building significant value. I shall continue adding and look forward to further news.

Couple of quick points to pick out from that Olav interview. Q2 they will treat the remaining 6 patients from the expanded phase 2a hrpc trial, with 3 month readout from all patients in Q3.

With regards to the latest slides, these also highlight that further POC data from exosomes preclinical studies is expected in H1.

So, in the next 3 months we should be expecting announcements for hrpc, exosomes, and also details regarding the new incoming cfo. A steady bit of news flow to be looking forward to.

Very true, Surprised2, however the valuations that Edison and Stifel reach will be based on projected future sales, adjusted for risk/probability of success.

As the risk reduces (hopefully) and the products get closer to market, then there will be substantial head room for those valuations to increase. The main derisking event will of course be continued positive data from the expanded phase 2a hrpc trial.

Not sure what value is being implied for the exosomes programme in the Stifel research, but from memory I don't think Edison actually gave any proper value to it as its preclinical, but at least did start acknowledging the high level of industry interest and also the value of some of the deals being done in that space. Speaking of Edison, was their last update the end of January? They seem to update their research every quarter or so, so perhaps we can expect a new note from them soon.

It turns out Reneuron started a twitter account in the last few days. Surprised they've waited this long, but hopefully further indication of the intention to get the company recognised and engaged with investors in the future. Their first tweet is much in line with the tweet I shared from Walbrook yesterday...

'Stifel reiterates its BUY recommendation for #RENE in the latest research, stating that ReNeuron offers the ‘greatest potential upside within its UK healthcare coverage’ and is a 'fundamentally mispriced stock at current levels'. Target price of 400p.
#StemCell #Exosomes #CTX'

Again, if anyone has access to the Stifel research it would be great to get some insight, as the above snippet is rather a bold claim, but obviously welcome to hear.

'Stifel reiterates BUY rating for ReNeuron @ReNeuronPLC #RENE - offering the greatest potential upside within Stifel’s UK healthcare coverage, Stifel see the current share price as an attractive entry point ahead of major value inflection points in 2021. Target Price of 400p'

https://twitter.com/WalbrookPR/status/1377210957303271424?s=19

Anyone happen to have access to the Stifel report?

The value disconnect just amazes me. The ProQR results for phase 1/2, showing a mean benefit from treated to untreated eye of +6 letters average across 14 patients, put approximately $180m on their MCAP, when announced. That's for a gene therapy that treats a small subset of RP mutations.

Reneuron, from their latest published read-out at 12 months, across 7 patients, show a mean improvement of approximately +12 letters between treated and untreated eyes. For a treatment that is non gene dependent, so can potentially treat the entire RP population. And yet we're sat here with a MCAP of around £60m, and an enterprise value of around £40m.

Get this company on the NASDAQ as a matter of priority, the UK market simply does not understand the potential here.

Bit depressing watching the share price sink back after the fantastic RNS a week ago, really did expect it to kick on with the level of value clearly now being baked into the various platforms.

Anyway, by means of a comparison, results were released by ProQR therapeutics the other day, see below.

https://www.proqr.com/press-releases/proqr-announces-positive-results-from-clinical-trial-of-qr-421a-in-usher-syndrome-and-plans-to-start-pivotal-trials

ProQR Therapeutics N.V. (Nasdaq: PRQR) (the “Company”), a company dedicated to changing lives through the creation of transformative RNA therapies for inherited retinal diseases (IRDs), today announced results from a planned analysis of its Phase 1/2 Stellar trial of QR-421a in adults with Usher syndrome and non-syndromic retinitis pigmentosa (nsRP) due to USH2A exon 13 mutations.

Across all treated patients (n=14), a mean benefit of 6.0 letters was observed at week 48 in the treated eyes compared to the untreated (contralateral) eyes after a single injection.

Share price up around 60% after releasing the results. MCAP of over $400m.

They have one study in phase 1, one study in phase 1/2, and another in phase 2/3.

I think it shows just how close Reneuron are to realising its true value at long last. Further positive data from the expanded phase 2a study and we will be moving in a pivotal phase 3 study. At which point the value disconnect from Reneuron and its peers will simply have to be acknowledged by the market. Upfront payments for any licencing deals for a phase 3 candidate will eclipse the current MCAP. The same is likely true for any exosomes deals that will be taken into clinical study.

Thanks onceaday - good find.

As a side note, anyone else think he has more than a passing resemblance to comedian Richard Lewis?

https://www.bbc.co.uk/news/uk-56475807

Whilst I personally find the prospect quite unwelcome for any prolonged period in the future, this does perhaps outline what we may realistically have to expect moving forwards.

A market that will absolutely support a significant area of the Heiq business model in the near term, but not necessarily define the company over the longer term, given the breadth of technology and IP that has been developed over a number of years.

Think the next two quarters has first non US patient dose in phase 2a, then leading to all expanded trial cohort dosed by end of Q2?

Further POC data for exosomes is due Q2, then Q3 expecting readouts from hrpc trial at conferences. Not sure what will happen with that though, as all the main conferences have been pushed back later in the year due to covid. Not rene's fault for that though obviously, they'll probably just wait a do a 6 month read out instead I suspect.

Q3 onwards for potential commercial deals on exosomes. Potential hrpc licencing deals ones read out of expanded phase 2a is presented. Would be better if they can take hrpc to market themselves though, or maybe just do licencing deal for a smaller area and keep the rights for the US perhaps.

I might have missed something out, but not at a computer.

Stateside - I do hope they pursue a nasdaq listing, as I think that will be the pathway to the true value being understood and realised. MH has previously commented that as nasdaq listing is an objective, but they see the timing of any such listing as being important. I don't therefore think that would be linked in any way to his departure (in terms of a difference of opinion).

If the new CFO has experience from an equivalent role in a nasdaq listed company, then that would be a clear indication (in my eyes) of the intentions moving forward. Will be interesting to see.

I thought it might be useful to post a brief summary of what we have learnt in the last 3 months or so, as quite a lot has happened.

- A published timeline of events/inflection points that has so far been achieved

- Further exosome collaborations signed.

- POC data for CTX derived exosomes demonstrating functional payload delivery, both in vitro and in vivo, to the brain and peripheral tissues.

- Licencing deals expected within the next 6 months if exosome data continues to deliver as expected.

- New CFO incoming

- New joint broker appointed

- New IR/PR company appointed

- Approx £20m in the bank following Dec 2020 fundraise. 18 month+ runway of cash presuming no additional external sources of finance. Any licencing deals would however come with potentially significant upfront payments (reference Codiak, Evox, Jcyte etc).

- Expanded phase 2a study for hRPC underway, looking to expand on already industry leading efficacy signal data based on 1m cell dose. Expanded study exploring minor modification to delivery of cells and an increased 2m cell dose.

- 5 hRPC trial sites established across US, UK and Europe.

- A host of new institutional investors on board in the last 3 months, and certain ones subsequently increasing their holdings in the last week.

- Patents issued protecting IP.

- Fosun advancing CTX and hRPC studies in phase 2b in China with milestone payments on the horizon.

- Very bullish share options announced for directors, intrinsically linked with returning shareholder value.

Anything I've missed? Worth bearing in mind that none of the above are the actual catalysts for the true value being realised. The next 6 months is when we get to see the contents of Aladin's cave.

Enjoy your weekend.