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Renovo sees its losses narrow
Anti-scar treatment firm Renovo’s losses have narrowed – thanks to lower operating costs from restructuring. The company said it remains well funded. Renovo, which had £51.8m in cash, cash equivalents and investments in September, said it would have at least £30m in cash when it reports data from a late-stage trial of its key anti-scarring product Juvista in the first half of next year. Pre-tax loss for the year to September was £8.6m, compared with £20.2m a year ago. Revenue rose more than three times to £16.2m. Operating expenses, excluding revenue-related research and development, fell by 22.4 per cent to £19m as the company reduced staff and pre-clinical programmes.