TechMARK movers: Renovo on course for trial results in 2011

15th Dec 2009 15:29

Shares in scar reduction treatments developer Renovo have fallen even though it has reaffirmed that the main treatment Juvista is on course to complete its first European phase III trial, covering scar revision surgery, in the first half of 2011. Renovo reported a loss of £20.2m in the year to September 2009, which was at the bottom end of expectations. A restructuring has reduced the number of employees by more than one-third and internal costs have fallen by £3m-£4m a year. The ongoing cash outflow will be between £15m and £20m. Net cash was £65.3m at the end of September 2009 - more than the current market capitalisation. There should be more than £25m left in the bank when Renovo reports the results of the Juvista phase III trial. Renovo has a licensing deal with Shire Pharmaceuticals. Renovo retains the EU rights and Shire has rights for the rest of the world. Shire has already paid $75m upfront and invested a further $50m in Renovo shares at 200p each. The whole deal could be worth up to $825m plus escalating royalties on sales. Shire will pay 50% of any trials funded by Renovo if it uses them in its filings with the FDA in the US. There were two unsuccessful trials for Juvista but Renovo says that this was because the doses were not high enough and the treatment was not administered twice, which maximises its effectiveness.Software provider Micro Focus International has opened a new office in Troy, Michigan. This is the company's 11th office in the US.Late last night it revealed that finance director Nicholas Bray had sold 29,590 shares at 441.6545p each. This leaves him with 57,770 shares. FTSE TechMARK - RisersSkyepharma (SKP) 90.50p +6.47%Morse (MOR) 43.50p +5.45%Ark Therapeutics (AKT) 39.00p +5.41%Oxford Biomedica (OXB) 11.75p +4.44%Aveva Group (AVV) 992.00p +4.31%Ricardo Group (RCDO) 260.00p +3.69%Sepura (SEPU) 44.50p +2.89%Misys (MSY) 206.00p +2.79%Micro Focus International Plc (MCRO) 453.70p +2.60%Innovation Group (TIG) 10.25p +2.50%SDL International (SDL) 377.75p +1.82%FTSE TechMARK - FallersAnite Group (AIE) 32.25p -5.15%Emblaze (BLZ) 44.00p -4.86%Vernalis (VER) 87.00p -3.60%Renovo Group (RNVO) 28.00p -3.45%Optos (OPTS) 90.00p -2.70%Alphameric (ALM) 29.00p -2.52%ProStrakan (PSK) 89.00p -2.20%Puricore (PURI) 14.25p -1.72%NXT (NTX) 16.25p -1.54%Sinclair Pharma (SPH) 33.25p -1.48%