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Following the decision not to invest further in hRPC development and seek a partner, there was a steep fall in ReNeuron’s share price. ReNeuron is switching staff and cash into the exciting, but early-stage exosome platform. Investor confidence and full recognition of exosome value will need to be established. ReNeuron has seven exosome research collaborations with more under discussion. It has shown that targeted exosomes can deliver a potent growth factor to the brain in an animal model, a fin
Companies: ReNeuron Group plc
ReNeuron continues to recruit patients into the extension Phase 2a of its crucial Phase 2a trial of human retinal progenitor cells (hRPC) for retinitis pigmentosa (RP). All nine planned patients should have been treated by the end of 2021 allowing an interim readout by the end of March 2022. This will help ReNeuron to evaluate how to progress the project. The investment case rests largely on a hRPC licensing deal. On the exosome platform, ReNeuron reported the specific delivery of a potent growt
Recruitment resumed the Phase 2a trial of the lead programme hRPC in retinitis pigmentosa (RP) with the treatment of the first UK-patient in Oxford. The protocol gives greater infection control after the safety issue (a possible infection) in June. Five patients were treated up to mid-October and the remaining four could be treated by December 2021. By late March 2022, ReNeuron expects to give an interim update. The full data set should be available around mid-2022. This will enable regulatory d
ReNeuron has announced that the nine-patient Phase IIa (2m cell dose) extension study (halted in June after a presumed eye infection case) has fully restarted with five patients left to treat. Two patients are scheduled for treatment in October. The company expects to report some data by March 2022, which could potentially open the way to a crucial partnering deal. Full efficacy data at six months post-treatment should be available around the middle of 2022. Our valuation remains £190m.
Historically, small caps stocks have outperformed larger listed companies after economic downturns and this trend is ringing true once again, with smaller stocks offering better returns in the wake of the Covid-19 pandemic. It is currently an exciting time to be invested in smaller companies and for those with a keen eye for detail that can identify companies with financial strength and strong management teams, there is potentially lots of upside available.
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The key news in the FY21 results statement was the restart of the Phase IIa (2m cell dose) extension study after a June safety halt due to a presumed intraocular eye infection (endophthalmitis). If some trial data is available by Q4 of CY21, this could open the way to a crucial partnering deal from probably mid-2022. The 12-month data from the first (1m dose) Phase IIa cohort showed stable responses with the two best patients seeing a doubling of their visual acuity. Preclinical projects in exos
Recruitment has resumed in the US into the Phase 2a trial of the lead programme hRPC in retinitis pigmentosa (RP) after an investigation following the presumed bacterial infection that caused its temporary suspension last month. We expect resumption in the UK and Spain by August after regulatory confirmation. The quick resolution of this issue seems to have caused only a modest, one quarter, delay. The three-month data on the higher dose (2m cell) extension arm is due in Q4 2021 and will be impo
There has been a safety halt to the lead human retinal progenitor cell (hRPC) project. The issue was an eye infection in one patient following a successful surgical implantation of the hRPC. The cause is under investigation. If, as we assume, the trial restarts in the next few months, data should be available by Q421, a delay of perhaps three months. This is not significant within the overall developmental pathway and good data are needed to secure any future partnership from mid-2022. The valua
ReNeuron (RENE) is clinical stage developer of stem cell therapies and technologies which offer promising regenerative potential in previously untreatable diseases. RENE’s lead human retinal progenitor cell (hRPC) programme is in Phase IIa studies in US and UK for the debilitating congenital group of blindness causing diseases, Retinitis Pigmentosa (RP). RENE has developed promising data to show that hRPC provides a robust and consistent benefit in the key clinical measure of Visual Acuity, and
After an eventful 2020, ReNeuron released updated 12-month Phase ll data in January on its lead human retinal progenitor cell (hRPC) project. This continues to show a consistent and robust, sustained average gain in visual acuity in retinitis pigmentosa (RP). A continuation study in nine patients using two million cells is underway with three- and six-month data due over H2 CY21 and the first three patients treated. This will facilitate partnering negotiations. A pivotal hRPC study may start in
ReNeuron’s Dec’20 £17.5m raise now means the Group is sufficiently funded through key upcoming milestones for its lead hRPC candidate and the exosome platform – mitigating a previous pivotal issue. 2021 could promise to be the critical year for the Group, with the potential to unlock value from its programmes well beyond its current modest market value. We refresh our forecasts post yesterday’s analyst briefing, and reiterate our positive stance.
ReNeuron is focused on human retinal progenitor cell therapy (hRPC) for retinitis pigmentosa (RP). Ongoing Phase IIa data show a stable average gain in visual acuity. A nine-patient continuation Phase IIa study is underway at a higher dose. A placing of £15m and an open offer of up to £2.5m at 70p/share, totalling up to £17.5m before costs, are planned to give at least 18 months cash to complete the Phase IIa, potentially initiate a pivotal study in H2 CY22 and progress preclinical exosome and o
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Rutherford Health has left the AQSE and Prime People has left AIM.
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ACP Energy plc, a company formed for the purpose of undertaking an acquisition or acquisitions of a majority interest in a company, business or asset, seeking to join the Main Market (Standard) The Company intends to focus on opportunities in the natural resources sector, raising gross proceeds of £830k. Due 28 Jan.
Artemis Resources ltd, an ASX listed mining
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Continued strong trading means FY21 results will be ahead of upgraded expectations. Trading in the core business is reported to be robust and demand has persisted for the group’s sample collection devices through to the end of the year. Further investment is expected in FY22 to drive core business growth, which remains a key strategic objective for the new management team. Last week’s announcement of a strategic partnership with Yourgene will help broaden the offering and underpin future growth
Companies: EKF Diagnostics Holdings plc
Cambridge Cognition has released a 2021 trading update which shows the company had a strong year, with revenue for the period increasing 51% YoY and the order book growing 52% YoY. The company beat DCe's forecasts at the PAT level and was in-line on revenue and cash. The robust demand for virtual clinical trials, which increased due to the pandemic, is expected to continue into 2022. We have updated our forecasts, with EBITDA now higher at £0.5m (£0.3m) in 2021 and for 2022 at £0.5m (£0.4m), whi
Companies: Cambridge Cognition Holdings Plc
Companies: Medica Group Plc
Belluscura has released another very encouraging trading update and we again raise our production and revenue forecasts. The group sold 377 XPLO2R units in 2021, which was 25% higher than our forecast and well over double our initial estimate. Demand is strong and we raise our unit sales estimate for 2022 to 4,000 (was 3,000) and roll this through to 2023 and 2024. Belluscura has recognised the global supply chain challenges and has increased inventory levels of key components to pre-empt any di
Companies: Belluscura PLC
Cambridge Cognition provided a positive FY 2021 trading update, with revenues (+50%) in line with expectations, net profit of £0.5m (FC £0.1m est) and year-end cash of £6.8m (FC £7.0m est). After a year of record order intake (£15.7m, +24%) and with a year-end order book of £17.0m (+52% on the prior year), the company is well positioned for FY 2022, with visibility at this early stage in the year on c.69% of FY 2022 revenue forecasts. This update provides further evidence of (i) the demand for v
Creo Medical has announced the signing of Heads of Terms (HoTs) with a number of third-parties in fields such as laparoscopic surgery, robotically assisted surgery, and non-thermal plasma sterilisation. This announcement is in-line with Creo's three-tiered strategy of Build, Buy and Partner, demonstrating progress on the third tier through partnering with established, multi-national players in adjacent markets in order to maximise the potential of the core Creo technology. The HoTs relate to Cre
Companies: Creo Medical Group Plc
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Strip Tinning Holdings, an established supplier of specialist connectors to the automotive sector, intends to join AIM. Strip Tinning manufactures specialist flexible electrical connectors related primarily to heating and antennae systems embedded within automotive glazing and to the connection of the cells within electric vehicle (EV) battery packs, increasingly using flexible and lightweight printed circui
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A very good H1 update from CVS this morning. Sales growth is reported at 11.4% with LFL’s of c.10%, EBITDA up a strong 15.5% and H2 has got off to a good start. In short, another period of excellent delivery. We push through a 3.5% EPS upgrade for the current year and tick up outer year forecasts by 2%. The stage one deadline for the CMA to report on the Quality Pet Care deal is 18th Feb’22. There are a range of theoretical outcomes (no case to answer, divest some of the 8 practices, or divest a
Companies: CVS Group plc
What’s cooking in the IPO kitchen?
Strip Tinning Holdings, an established supplier of specialist connectors to the automotive sector, intends to join AIM. Strip Tinning manufactures specialist flexible electrical connectors related primarily to heating and antennae systems embedded within automotive glazing and to the connection of the cells within electric vehicle (EV) battery packs, increasingly using flexible and lightweight printed circuit technology that also has growing application elsewhe
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Where next for markets in 2022? In our view, if COVID is not on the way out, we are just going to have to live with it now and it will have less and less impact on economic forecasts going forward. Instead, the bigger issues for investors to deal with in 2022 are cost inflation and staff shortages for business (which are already hitting earnings momentum), energy cost inflation and higher taxes hitting the consumer wallet, and markets that start from very elevated valuation multiples compared wi
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OptiBiotix has published a third human volunteer study on the cholesterol lowering effects of the company's proprietary probiotic Lactobacilus plantarum, branded as LPLDL. We believe the study clearly demonstrates the cholesterol lowering effect of LPLDL which we expect to support the on-going commercialisation of the probiotic. Key results were the statistically significant reduction in total cholesterol and LDL (bad) cholesterol of 34.2% and 28.4%, respectively over a six-week treatment period
Companies: OptiBiotix Health PLC
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Charles Stanley Group has left the Main Market following a takeover by Raymond James UK Wealth Management Holdings.
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Artemis Resources ltd, an ASX listed mining exploration and development company intends to join AIM. The Company owns projects based in the Pilbara region of Western Australia, the Greater Carlow Gold-Copper-Cobalt Project in the West Pilbara and the Paterson Central exploration project in the East Pilbara. The
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Interim results to 30 September were marked by a return to pre-pandemic sales levels for the core business, with revenues rising 81% to £5.7m, which included c.£1.2m of COVID-related revenues. An adjusted EBITDA loss of £2.4m reflected the incremental costs of gearing up to supply the DHSC with COVID-19 antigen tests, which did not materialise. With the contract with DHSC now having expired, focus turns to other commercial opportunities. The core Health & Nutrition EBITDA of £1.15m covered the c
Companies: Omega Diagnostics Group PLC
We believe the narrative for the UK equity market remains very good. Some inflation appears embedded in markets and economic growth seems robust. We saw investors show caution into the end of 2021 and so have cash to deploy in our view. This has been corroborated by investor feedback we’ve had already this year. The UK equity market is materially cheaper than global equities on a relative basis so asset allocators have to be looking at UK equities while UK 2022 GDP growth is likely the best of t
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