ReNeuron reports flat six-month net loss

UK stem cell specialist ReNeuron says its loss for the six months ended September 30, 2008, was L3.1 million ($4.6 million), flat with the comparable period the year before.

During this time, the Guildford-based company saw net cash outflow from operating activities of L3.0 million versus L3.1 million, while cash and cash equivalents fell massively to L800,000 from L5.7 million. The firm noted that it had undrawn convertible loan finance of L1.5 million at September 30.

Commenting on the results, company chairman Trevor Jones said: "during the period under review, and subsequently, we have achieved a number of notable goals across the business whilst also completing a significant restructuring and cost-reduction initiative. In order to best position the business for further financing and the future, we have re-focused our efforts on pursuing those programs which make best use of the resources we have available to us and which offer the fastest route to the clinic."