LONDON, UK / ACCESSWIRE / May 20, 2019 / ReNeuron's year-end update summarised its recent clinical progress in the human retinal progenitor cell (hRPC) programme in retinitis pigmentosa (RP), which has become the focus for investors, and a slight delay to its CTX programme for stroke disability. The announced Pound 26.4m cash position was slightly higher than our prior YE19 forecast of Pound 25.7m and will help ReNeuron's position in any further partnering discussions.
We have moved the recognition of the Fosun upfront payment, which we had previously estimated in FY19, to FY20. We have also trimmed FY19 R&D spend by c Pound 7m to take into account the slower start of the CTX study. Our valuation has changed slightly due to these modifications and the revised FY19 cash balance from Pound 199m or 630p per share to Pound 193m or 610p per share.
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