LONDON, UK /  January 15, 2021 / 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 2022. Deals are possible in CY21 on the exosome genetic drug delivery platform, which could be very valuable. The valuation remains at £190m with strong cash.

ReNeuron conducted a placing of £15m and open offer of £2.5m in late 2020, giving £17.5m gross. Management states that this cash will cover costs for at least 18 months. Our indicative value is unchanged at £190m. We note current high deal values in the gene and cell retinal therapy area, with one totalling $250m plus royalties in June. Exosome projects are promising but are preclinical and need partners to progress into development; many deals have been at high values. In October 2020, Codiak, a pure exosome company with two clinical projects, completed a US IPO and is now valued at about $590m.

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