ReNeuron's fiscal 2007 net loss narrows 18.7%

In the 12 months ended March 31, 2007, UK stem cell specialist ReNeuron's turnover totaled L49,000 ($98,000) versus L9,000 in the like, year-ago period, due to initial revenues from the Group's non-therapeutic licensing activities.

During the period, net operating expenses before exceptional items increased to L6.2 million vs L5.9 million, while other operating income and interest received in total were broadly equivalent in both reporting periods at L500,000. The Guildford-headquartered firm's resulting net loss for the period decreased to L5.2 million vs L6.4 million, largely as a result of there being no exceptional charges in the period.

Commenting on the results, Trevor Jones, chairman of the firm, said: "the period under review has been a significant one for ReNeuron, with our ReN001 stroke therapy having progressed to the point of an initial regulatory filing with the [Food and Drug Administration] in the USA. We are currently supplementing this filing with further data and we remain highly confident of achieving our primary near-term objective of commencing a Phase I clinical trial with ReN001, following regulatory approval."