Losses narrow at ReNeuron

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ReNeuron Group, the life sciences company conducting stem cell trials at Glasgow’s Southern General Hospital, has narrowed its first-half losses.

The Surrey-based firm, which is testing the effects of stem cells on stroke patients, posted a pre-tax loss of £3.3 million for the six months to 30 September, down from £3.4m a year earlier, thanks to lower research and development spending as it completed pre-clinical work on a treatment aimed at diabetics.

Lower spending helped the group’s cash position improve to £6.7m, up from £6.5m a year ago, and it said its current financial resources are expected to last into the fourth quarter of 2013.

ReNeuron said it was pursuing a range of funding options, including the use grants, to reduce its reliance on equity-based funding for its core therapeutic programmes.

Chairman Bryan Morton said: “We believe that our stem cell product candidates embody characteristics that are critical for the development of scalable and affordable off-the-shelf cell-based therapies that can address large un-met medical and patient needs.

“We therefore strongly believe in the commercial potential of these therapeutic candidates and we look forward to reporting future progress towards realising that potential.”