Indications -- scarring, fibrosis, adhesions, keloids Message Board

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Biotech / Medical : Indications -- scarring, fibrosis, adhesions, keloids

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From: nigel bates	3/13/2006 12:03:37 PM
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Renovo takes another look at flotation The Times March 03, 2006 By Richard Irving RENOVO, the Manchester-based biotechnology company developing an anti-scar injection is dusting off plans to float on the London stock market, The Times has learnt. The company, which was founded in 2000 by Mark Ferguson, one of the world’s pre-eminent experts on tissue scarring, tried to float last May but pulled its listing as the new issues market soured. It is understood that Goldman Sachs is eyeing a valuation of Renovo at between £130 million and £160 million, near the bottom end of the range set last time, but above the level suggested by City institutions at the time that the company pulled the float last year. Renovo will also try to raise up to £40 million from the sale of new shares. Proceeds will be used to fund mid-stage tests on the company’s most promising drug, Juvista. The treatment, which is given to patients before they go under the knife and stops the body from producing scar tissue, has already proved effective in women undergoing breast surgery. However, regulators will want to see the drug, which is exepected to sell for up to $300 (£171) a shot, prove effective in other types of scarring before giving it approval. The market is potentially huge. Surgeons in Europe and the US perform about 80 million operations a year, giving the drug a potential market of $25 billion. There is no rival...

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