Edison issues outlook on ReNeuron Group (RENE)

LONDON, UK / ACCESSWIRE / December 19, 2019 / 2019 has been a transformational year for ReNeuron (LSE:RENE), marked by impressive initial data from the human retinal progenitor cells (hRPC) programme in retinitis pigmentosa (RP) and the initiation of a China partnership with Fosun Pharma (milestone payments of up to £80m and double-digit royalties). In the RP programme, positive data were presented at the AAO annual meeting in San Francisco on eight patients, which further reinforces the data presented earlier in the year. However, long-term durability of effect remains a key question. Further data are expected in H120. In ReNeuron’s CTX PISCES III trial in stroke disability patients, the company recently updated its trial design to improve the speed of patient recruitment. Data are expected in mid-2021. We value ReNeuron at £197m.

We value ReNeuron at £197m or 624p per share, versus £198m or 625p per share previously. We have rolled forwards our model, and updated for FX and cash. Additionally, we have increased the probability of success of hRPC in RP to 25% (vs 20% previously) and pushed back CTX launch to 2024 (vs 2023 previously).

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