Scar of Renovo losses starts to fade

Anti-scar treatment firm Renovo's losses have narrowed, helped by lower operating costs from restructuring, and the company said it remained well funded.

Renovo, which had £51.8 million in cash, cash equivalents and investments on September 30, said it would have at least £30 million 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 £8.6 million, compared with £20.2 million a year ago. Revenue rose more than three times to £16.2 million.

Operating expenses, excluding revenue-related research and development, fell by 22.4% to £19 million as the company reduced staff and pre-clinical programmes.