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Cell-based therapeutics group ReNeuron posted a deeper first-half loss after its revenue fell.
Pre-tax losses for the six months through September amounted to £8.0 million, compared to losses of £5.1 million year-on-year.
Revenue dropped to £41,000, down from £6.0 million in the prior year, when the company received an initial payment from Fosun Pharma.
ReNeuron said further positive top-line efficacy data had been recorded during the period from patients in ongoing US Phase 1/2a clinical trial in retinitis pigmentosa.
And ongoing Phase 2a segment of the study was expanded in US and UK to allow for a single pivotal Phase 3 clinical study before marketing approval application.
Further readouts from the expanded Phase 1/2a clinical trial were expected over next 12 months, leading to planned commencement of pivotal clinical study in the second half of 2022.
'Our decision earlier this year to focus the Company's resources on our retinal disease programme and our exosome and iPSC platforms has resulted in significantly lower operating costs, as reflected in the interim results for the period under review,' chief executive Olav Hellebo said.
'This renewed clarity of focus, together with the Fundraise announced separately yesterday, will enable us to reach important, data-driven value inflection points across our programmes over the next 12 months and beyond.'
At 9:33am: (LON:RENE) ReNeuron Group PLC share price was 0p at 95.5p