ReNeuron's losses for full year 2005 hit L6.3M

UK-based stem-cell specialists ReNeuron says that its losses for the year ended March 31, 2006, were L6.3 million ($11.6 million). The firm added that the losses include L1.2 million in exceptional charges, L900,000 of which relates to a provision against intangible assets arising from its in-licensing of certain patents and intellectual property rights from US counterpart StemCells.

The year also saw the company's successful flotation on the UK Alternative Investment Market, in a placing which raised L9.5 million before expenses. In April of this, year the firm announced its intention to raise a further L700,000 through an additional placing at a narrow discount to current mid-market price. The additional funds, together with those raised by the group's flotation, will satisfy an outstanding license obligation regarding aggregate equity funds it has raised.

ReN001 confirms efficacy in preclinical study