ReNeuron Group — Biblical aspirations

ReNeuron Group (AIM: RENE)

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Research: Healthcare

ReNeuron Group — Biblical aspirations

ReNeuron’s interim results for the six months to 30 September 2017 showcased a crucial juncture in the company’s history. With the first of two US placebo-controlled, late-stage studies in chronic stroke starting in 2018 and dosing ongoing in the US Phase I/II study in retinitis pigmentosa, ReNeuron’s stem cell therapies are aimed at helping the disabled walk and the blind see. ReNeuron reported a loss of £9.6m for the six months (vs £7.7m in H117). In 2018 ReNeuron’s profile will increase further as it conducts two clinical studies and opens an operational base in the US.

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Written by

Healthcare

ReNeuron Group

Biblical aspirations

Interim results update

Pharma & biotech

21 December 2017

Price

1.98p

Market cap

£63m

£/$1.34

Net cash and deposits (£m) at 30 September 2017

45.3

Shares in issue

3,164.6m

Free float

60.5%

Code

RENE

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

1.3

16.2

(28.2)

Rel (local)

(0.6)

12.2

(33.7)

52-week high/low

2.6p

1.6p

Business description

ReNeuron is a UK biotech company developing allogeneic cell therapies. CTX neural stem cells are in development for ischaemic stroke disability (Phase III planned) and human retinal progenitor cells (hRPCs) are being studied for retinitis pigmentosa (Phase I/II).

Next events

Initiation of the first US late-stage controlled stroke study

Q118

Phase I/II readout for hRPC in RP

Q218

Start Phase IIb hRPC in RP

Q218

Analyst

Andy Smith

+44 (0)20 3077 5700

Alice Nettleton

+44 (0)20 3077 5700

ReNeuron Group is a research client of Edison Investment Research Limited

ReNeuron’s interim results for the six months to 30 September 2017 showcased a crucial juncture in the company’s history. With the first of two US placebo-controlled, late-stage studies in chronic stroke starting in 2018 and dosing ongoing in the US Phase I/II study in retinitis pigmentosa, ReNeuron’s stem cell therapies are aimed at helping the disabled walk and the blind see. ReNeuron reported a loss of £9.6m for the six months (vs £7.7m in H117). In 2018 ReNeuron’s profile will increase further as it conducts two clinical studies and opens an operational base in the US.

Year
end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

03/16

0.0

(12.8)

(0.44)

0.0

N/A

N/A

03/17

0.0

(10.2)

(0.24)

0.0

N/A

N/A

03/18e

0.0

(14.2)

(0.42)

0.0

N/A

N/A

03/19e

0.0

(15.4)

(0.46)

0.0

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

First late-stage study in chronic stroke starts

ReNeuron will start dosing chronic stroke patients in a randomized, placebo-controlled study of its CTX cells in early 2018. An open investigational new drug (IND) application brings ReNeuron unprecedented exposure in the US, which will be aided by its recently announced opening of a US office. When the FDA allows a biotechnology company to start a US clinical study, it has already been through considerable scrutiny by the regulator and the progress of its studies can be followed on www.clinicaltrials.gov. This means that potential partners can keep a close eye on ReNeuron’s progress and determine when the PISCES III study has completed enrolment, for example.

Biblical, rather than trivial indications

ReNeuron’s innovative therapies for chronic stroke and retinopathies are for indications with few, if any, available treatments. While this makes a new intervention for chronic ischaemic stroke a high-risk endeavour – no other treatments have been approved in stroke disability – the return on a successful clinical study would be significant. Investors will have to weigh these risks in the next year as a fund-raising or partnership to enable the completion of the clinical programmes will be necessary before the end of ReNeuron’s cash runway later in FY19.

Valuation: Largely unchanged at £286m

We have updated our valuation to £286m (previously £291m) for the revised cash figure at 30 September, R&D spend phasing and further strength of the US dollar. The translation effect may increase in 2018 as ReNeuron’s US clinical trial costs and the opening of its US office increase these expenses. ReNeuron is making a hugely positive step in inviting the scrutiny of the FDA for its US clinical programmes and the dosing of the first US patient in 2018 will be an important milestone. We forecast a cash runway later into FY19, before which it may either raise money and/or partner some of its programmes.

Updated financial and clinical pipeline overview

ReNeuron has a broad clinical pipeline with multiple data readouts anticipated in the next two years. As it advances into the pivotal clinical study stage, spend will increase in advance of, and during, the later stages of clinical trials. Thus ReNeuron reported a loss of £9.6m for the six months to September 2017 (compared with £7.7m in H117).

Phase III chronic stroke study – H118

Longer-term data from ReNeuron’s PISCES II Phase II clinical study of its CTX neural stem cell-derived therapy demonstrated better activity at 12 months than was previously reported at three months. While in different therapeutic areas and patients, the recent data on Novartis’s and Gilead Sciences’ approved CAR-T cell therapies presented at the American Society of Hematology (ASH) meeting also demonstrated better responses at 12 months than the initial early data at six months. This improving response rate over time for cellular therapies may have, in part, given ReNeuron the validation and confidence to open a US IND and commence the 110-patient PISCES III late-stage clinical study. This is one of two studies required for approval by the FDA. The first patient dosed under a US IND is no mean feat for even the largest of pharmaceutical companies since the FDA reviews thousands of pages of preclinical, clinical, manufacturing and toxicology data before it allows the first US patient to be dosed. It is also necessary for the FDA to agree the protocol, endpoints and the statistical analysis plan before the study can start. Therefore, when ReNeuron doses its first patient in the randomized, placebo-controlled study of an engineered stem cell therapy for chronic stroke, it will be treading a path that few have trodden before.

ReNeuron has taken many years to get to this point and, with a cash runway of about 18 months and a PISCES III study readout in late 2019, investors will need to bear in mind that either a fund-raising in order to see the final results of the study, or a partnering event facilitated by ReNeuron’s new US office will need to occur. By that time, we estimate that full enrolment in the PISCES III study will have occurred (one of the two required for the biologics license application [BLA]) and the US profile of the company could be significantly enhanced.

hRPC to be pursued in two indications

ReNeuron’s second stem cell-derived product, hRPC, is being investigated in a Phase I/II study in retinitis pigmentosa (RP) in the US. The Phase I trial has three dose cohorts with three patients in each and all three safety dose cohorts have completed. Dosing has started in the Phase II portion of the study. The subsequent expansion of the RP programme into Phase IIb is expected by mid-2018, followed by an additional Phase II study in cone-rod dystrophy.

Once again, ReNeuron seems to be at the right place at the right time, as Spark Therapeutics’ gene therapy (voretigene neparvovec) for a much narrower patient population with inherited retinal diseases was approved by the FDA on 19 December 2017. In this case, Spark has done some of the heavy lifting for ReNeuron since the typical visual acuity endpoints used in other, more common ophthalmic clinical studies do not apply to these retinopathies and Spark’s approval will lend ReNeuron a helping hand in pivotal clinical trial design, as well as raising the profile of experimental therapies to treat inherited degenerative eye diseases.

Exosome nanomedicine platform potentially in clinic in H119

ReNeuron’s third platform in exosome nanomedicine is at a much earlier stage than its stem cell programmes in the clinic. There is also the potential for ReNeuron to partner with this programme, as exosomes could be a target vehicle for drug delivery in oncology. However, we expect the clinical and business development focus at ReNeuron to be on the later-stage programmes.

Valuation: Largely unchanged at £286m

We have adjusted our valuation to £286m to take account of the last six months of cash burn, and have not included any contribution for the preclinical exosome nanomedicine platform. We have reduced the cash in our valuation to £45.3m at end-September and adjusted the cable rate to reflect the recent strength in the US dollar (£/$ from 1.28 to 1.34). We have changed the estimates of R&D expenses in our model to anticipate a slower, measured start to late-stage clinical trial recruitment in chronic stroke and therefore a longer cash runway. This phasing of R&D spend has the effect of slightly increasing the valuation, as while the same amounts are spent, the time value of those negative cash flows is lower. We will revisit the rate of R&D expense after the first patients have been dosed at the next results announcement. We have maintained our forecast price of CTX in chronic stroke at $50,000, but admit this may be an underestimate with the first two recently approved CAR-T cellular therapies, albeit less comparable since they are indicated in a much smaller patient population, have priced at c $400,000.

We maintain our financial forecasts, although we expect more visibility on the increasing spend on the clinical programmes at the full-year results and will update our model at that time. ReNeuron has a strong cash position (we forecast a cash runway in FY19), which should allow the company to significantly advance its clinical trial programme, resulting in a number of potential key inflection points over the next 24 months, including:

completion of the PISCES III study for CTX in stroke (H219);

Phase II hRPC safety data in 2018; and

further preclinical data from the exosome nanomedicine platform (efficacy and toxicity).

Exhibit 1: Financial summary

£'000s

2013

2014

2015

2016

2017

2018e

2019e

Year end 31 March

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

17

22

30

29

46

46

46

Cost of Sales

0

0

0

0

0

0

0

Gross Profit

17

22

30

29

46

46

46

R&D expenses

(4,786)

(5,829)

(7,250)

(10,272)

(8,648)

(11,220)

(11,782)

SG&A expenses

(2,319)

(2,824)

(3,693)

(4,015)

(4,139)

(4,346)

(4,781)

EBITDA

 

 

(6,966)

(7,857)

(10,269)

(13,632)

(11,717)

(14,522)

(15,014)

Operating Profit (before GW and except)

 

(7,088)

(7,969)

(10,394)

(13,724)

(11,887)

(14,666)

(15,662)

Intangible Amortisation

0

0

0

0

0

0

0

Exceptionals

0

0

0

0

0

0

0

Operating Profit

(7,088)

(7,969)

(10,394)

(13,724)

(11,887)

(14,666)

(15,662)

Other

0

0

0

0

0

0

0

Net Interest

29

149

91

878

1,722

458

237

Profit Before Tax (norm)

 

 

(7,059)

(7,820)

(10,303)

(12,846)

(10,165)

(14,208)

(15,425)

Profit Before Tax (FRS 3)

 

 

(7,059)

(7,820)

(10,303)

(12,846)

(10,165)

(14,208)

(15,425)

Tax

714

754

1,397

1,492

2,592

853

925

Profit After Tax (norm)

(6,345)

(7,066)

(8,906)

(11,354)

(7,573)

(13,356)

(14,499)

Profit After Tax (FRS 3)

(6,345)

(7,066)

(8,906)

(11,354)

(7,573)

(13,356)

(14,499)

Average Number of Shares Outstanding (m)

748.7

1,425.0

1,788.8

2,609.3

3,164.6

3,164.6

3,164.6

EPS - normalised (p)

 

 

(0.85)

(0.50)

(0.50)

(0.44)

(0.24)

(0.42)

(0.46)

EPS - FRS 3 (p)

 

 

(0.85)

(0.50)

(0.50)

(0.44)

(0.24)

(0.42)

(0.46)

Dividend per share (p)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

1,620

1,772

2,033

6,963

724

3,239

5,783

Intangible Assets

1,272

1,272

1,591

1,591

0

0

0

Tangible Assets

213

225

161

361

724

3,239

5,783

Other

135

275

281

5,011

0

0

0

Current Assets

 

 

4,602

22,347

14,054

64,894

65,888

49,110

43,182

Stocks

0

0

0

0

0

0

0

Debtors

341

676

400

1,421

812

812

812

Cash

3,547

20,917

12,382

60,709

61,061

47,446

41,444

Other

714

754

1,272

2,764

4,015

853

925

Current Liabilities

 

 

(1,164)

(2,036)

(2,345)

(4,199)

(5,702)

(3,702)

(13,702)

Creditors

(539)

(1,234)

(1,150)

(3,700)

(5,701)

(3,701)

(3,701)

Short term borrowings

0

0

0

0

0

0

(10,000)

Short term leases

(1)

(1)

(1)

(1)

(1)

(1)

(1)

Other

(624)

(801)

(1,194)

(498)

0

0

0

Long Term Liabilities

 

 

(150)

(366)

(606)

0

(1)

(1)

(1)

Long term borrowings

0

0

0

0

0

0

0

Long term leases

0

(2)

(1)

0

(1)

(1)

(1)

Other long term liabilities

(150)

(364)

(605)

0

0

0

0

Net Assets

 

 

4,908

21,717

13,136

67,658

60,909

48,646

35,262

CASH FLOW

Operating Cash Flow

 

 

(6,637)

(6,718)

(9,124)

(11,920)

(5,976)

(15,428)

(13,899)

Net Interest

(1)

0

0

0

0

0

0

Tax

616

714

879

0

1,340

4,015

853

Capex

(37)

(121)

(380)

(293)

(532)

(2,660)

(3,192)

Acquisitions/disposals

0

0

0

0

0

0

0

Financing

5,601

23,435

0

65,195

0

0

0

Dividends

0

0

0

0

0

0

0

Other

30

61

91

345

520

458

122

Net Cash Flow

(428)

17,371

(8,534)

53,327

(4,648)

(13,615)

(16,116)

Opening net debt/(cash)

 

 

(3,974)

(3,546)

(20,914)

(12,380)

(65,708)

(61,059)

(47,444)

HP finance leases initiated

0

(3)

0

1

(1)

0

0

Other

0

0

0

0

0

0

0

Closing net debt/(cash)

 

 

(3,546)

(20,914)

(12,380)

(65,708)

(61,059)

(47,444)

(31,327)

Source: ReNeuron accounts, Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by ReNeuron Group and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by ReNeuron Group and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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Research: Financials

Numis Corporation — Advancing on all fronts

Numis made good progress across its business in FY17, started the current year at a similar pace and has a good pipeline of potential deals. Implementation of MiFID II will affect research and sales income, but the evidence so far points to a moderate rather than severe impact on this part of the business. Trading is subject to market trends but, given the strong start to the year and the further development of the firm’s franchise, we have raised both our estimates and valuation.

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