Reneuron Share Discussion Threads

[small crow] 11/7/2019 08:01

"No new news on RP trials until October." Doesn't emphatically say that but it may be the case. I would imagine if they have something ground-breaking they won't wait for a conference. First mover advantage and all that.

[dickbush] 11/7/2019 08:01

American Academy of Ophthalmology Meeting is from 12th to 15th October.

[dickbush] 11/7/2019 07:46

Main points:

hRPC stem cell therapy candidate for retinal disease:
-- Positive preliminary efficacy data from first three Phase 2a patients in ongoing US Phase 1/2a clinical trial in retinitis pigmentosa

-- Top line results from all treated Phase 2a patients to be presented at the American Academy of Ophthalmology Annual Meeting in October 2019

CTX stem cell therapy candidate for stroke disability:
-- Patient dosing commenced in placebo-controlled US Phase 2b clinical trial
-- Top line data from Phase 2b study expected in late 2020

No new news on RP trials until October. Disappointing from a short term price point of view but they must be pretty confident of continuing good results if they are making a presentation of the results to the American Academy of Ophthalmology.

In the interim, news on further Fosun-type deals are possible and could come at any time. CTX and exosomes trials are in for nothing.

Will this news get Woodford more likely to try to sell the stake he holds in the High Income Fund?

[dogwalker] 11/7/2019 07:38

Yes that's right xow98, there has been an RNS announcement this morning.

[xow98] 11/7/2019 07:20

Commenting on the results, Olav Hellebø, Chief Executive Officer, said:

"The past year has been a transformational one for ReNeuron. During the period, we commenced patient dosing in the US placebo-controlled Phase 2b clinical trial of our CTX cell therapy candidate in chronic stroke disability. This was followed shortly afterwards by the announcement of strongly positive preliminary efficacy data from the first three Phase 2a patients in the ongoing US Phase 1/2a clinical trial of our hRPC cell therapy candidate in retinitis pigmentosa. We look forward to delivering further significant clinical data in our stroke and retinitis pigmentosa programmes over the next 18 months.

"We are pleased to be working with Fosun Pharma as our partner for China, following the signing of the exclusive licence agreement for both our CTX and hRPC programmes in that territory. We are also encouraged by the level of interest other potential collaborators are showing in all of our programmes, including our exosome technology which is being developed as a novel system for delivering third party drugs.

[bigspuds] 10/7/2019 16:42

Strong finish good volume. Looks a lot better now

[jensonbensonjohnson] 10/7/2019 15:15

Someone just helped themselves to £50k's worth at 270p. Nice buy, that.

[jensonbensonjohnson] 10/7/2019 14:45

Poor ol Freddie. He was their no. 1 fan and then sold out his entire holding before it took off. I'm surprised there wasn't an RNS!

[martinfrench] 10/7/2019 14:43

the coincidence of all coincidences with rene, freddie (who used to post on here a lot) was based in salcombe, which is also where a well known fund manager has a house.....

[jensonbensonjohnson] 10/7/2019 14:34

Well they're not stupid and it's very much in their interests to keep the share price up; for their own personal wealth, chances of meeting their bonus criteria and, probably more importantly, to be delivering on the company strategy to realise value through continued development and partnering deals.

They know very well what investors want to hear and we know they are live-streaming the presentation tomorrow. It's got to be good, we've been in a news vacuum for a long time now - there should be plenty to say.

[martinfrench] 10/7/2019 13:28

kind of agree jenson, i had 2.80 pre results.

seems some confusion (incl me that is) if they will say anything about current cohort or previous tomorrow.

well, the programme has to be mentioned and any use of words will be examined (unless of course a formal release on the results of cohorts). How can you mention the RP programme and not say anything? that is my issue, so something might have to be gleaned....or not.

Personally i wish they would release the cohort results seperately and leave tomorrow for the financials and any progress on deals....the way i would do it.

[hollywood6] 10/7/2019 12:58

The know any positive news will be sold into so why release positive news now if you can wait for all 12 patients to be completed?

[esmerelda] 10/7/2019 12:57

If they don't give some news on recent progress we can expect something like a 10% share price fall tomorrow as some will conclude that no news is bad news.

[hollywood6] 10/7/2019 12:30

Small volume doesn't suggest any leaks for tomorrow. I will be surprised if any meaningful update on the RP patients tomorrow.

[jensonbensonjohnson] 10/7/2019 12:09

My prediction: this will drop off a bit till 2:30pm then push on and finish the day spread between 2.85 and 2.90

[supernumerary] 09/7/2019 16:32

Nothing certain in biotech, I'm afraid. If you don't want the exposure, sell or hedge...

[martinfrench] 09/7/2019 13:18

lets bloody hope so super, not 100% convinced....but fingers crossed as i hold about 8k

[supernumerary] 09/7/2019 12:42

I don't think they'd take away his voting rights - that seems a bit extreme - a 30% holder must have the right to make his views known. On the other hand, I imagine he'd lose the possibility of making a bid himself, otherwise he'd have a sort of no-cost call option.

At the end of December 2017 he had 15% of RENE in the Patient Capital fund, so I assume the other half was in Income. He might have shuffled them around since then of course, but I agree with bg23 he'd want to keep whatever remains of the PC holding as long as possible in the anticipation of future good news.

In any event he'd be daft to sell lots before the prelims webcast, which is only a couple of days away. Since they've made it absolutely clear that if there's bad news they'll let us know immediately, one can assume 'no news is good news', and that should be confirmed in the webcast.

[bg23] 09/7/2019 11:56

the companies only worth £80m at this price, woodford holds approx. 34% worth only £27m.

I think this is mostly held in the Patient capital fund, but even if it was all held in the income fund, its still only around 0.5% of his last known assets under management - which will undoubtedly take a hit when dealing is allowed.

I'd expect some more selling to perhaps clear down the income fund holding, if it has one, but would think Patient capital would retain an interest.

realistically, the higher the share price and therefore the market cap, the more institutionally attractive it is. I suspect it would be a lot easier to sell 10% of a £250m market cap company than an £100m company.

financial results don't matter, its the trials and deals update that will be moving this around in the coming months

[dickbush] 09/7/2019 11:12

It seems that Woodford's sales are crosses, presumably to another institutional buyer or buyers, after their expression of buying interest. As short term price appreciation hangs, as martinfrench says, on trials and deals, neither of which can be known (short of a positive leak), the buyers would be taking the same gamble we are. Strange behaviour by institutional investors.


As you know, Woodford got a special dispensation from the rule requiring a bid by anyone owning 30% plus of a company's shares. I'm unaware of what requirements he signed up to so that he could acquire more than 30%, but I wonder if those requirements change if he gets below 30%.


Anyone got any theories?

[supernumerary] 09/7/2019 10:21

Even less does he want to sell so many that he drives the price down - that would affect his overall portfolio valuation, and in turn force more liquidation - it's a horrible spiral he's in.

He must be praying for a massive buyout, not only for the cash, but also for the validation it would provide for his investment decisions. That might encourage a few doubters to hold on rather than redeem.

[martinfrench] 09/7/2019 10:19

beautiful inverse head and shoulders pattern formed, almost textbook!

expecting 270-280 pre results, whatever they may contain, not interested in the financials just trials and deals

say the following in the way moose the boxer would have and we get there:

trials and deals
trials and deals
trials and deals....

[philh75] 09/7/2019 09:04

Not really, I don't think he wants to exit reneuron, he's just got to find the cash to pay his redemptions.

[hollywood6] 09/7/2019 08:14

The rate at which he is selling is strange. It will take him a considerable amount of time to come out of reneuron at this rate. Unless they are hoping for a rise to sell into, they need volume. Hopefully we may get some clarification on Thursday.