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ReNeuron Group (RENE): Pushing on with CustomEx in H123

Wednesday, 07 December 2022 07:30

Edison Group

LONDON, UK / ACCESSWIRE / December 7, 2022 / With its H123 interim results, ReNeuron highlighted progress across its proprietary exosome platform, CustomEx. The company reported H123 revenues of £438k (H122: £58k), primarily related to income associated with a £320k payment from Fosun Pharma as part of a technology transfer and supply agreement. ReNeuron pared back its operating losses (£4.3m in H123, down from £6.1m in H122), largely with reduced clinical trial-related costs following the company's strategic refocus on exosomes. ReNeuron closed the half year with a gross cash position, including bank deposits, of £10.5m, which, given the company's current cash burn rate and our projections, is anticipated to fund operations into Q4 CY23. We value ReNeuron at £44.2m or 77p per share.

We value ReNeuron at £44.2m or 77p (previously £47.3m or 83p per share). Our valuation has been affected by rolling our model forward and updating our exchange rate assumption to US$1.23/£ (from £/US$1.11/£), which itself had an impact of c 8% on our risk-adjusted net present value. We have revised our FY23 estimates, but our underlying long-term assumptions remain unchanged.

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SOURCE: Edison Group

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