ReNeuron Group Plc (RENE) rose the most in three months in London after the U.K. company released interim data from a study that showed its stem-cell therapy helped reduce impairment in nine stroke patients.
ReNeuron gained as much as 31 percent, the biggest increase since Feb. 28. The shares were up 18 percent at 2.90 pence at 8:50 a.m. in London, giving the company a market value of 22.5 million pounds ($34 million). More than 4.4 million shares had traded at that time, more than double the three-month daily average.
In the trial, dubbed Pisces, of the ReN001 stem-cell therapy, researchers found sustained reductions in neurological impairment and spasticity, compared with the patients’ states before treatment, Guildford, England-based ReNeuron said today in a statement. There were no cell-related or immune-system reactions reported in any of the patients, the company said.
The findings will be presented at the European Stroke Conference in London this week, ReNeuron said. The company will seek final regulatory and ethical approvals in early July for the second of three phases of human testing usually needed for marketing clearance.
ReNeuron began the safety trial more than two years ago after obtaining permission from U.K. regulators. There aren’t any treatments to reverse the disability caused by strokes, which occur when there is a sudden loss of blood to the brain. Every year, about 5 million people worldwide are disabled by strokes, according to the World Health Organization in Geneva.
To contact the reporter on this story: Kristen Hallam in London at firstname.lastname@example.org
To contact the editor responsible for this story: Phil Serafino at email@example.com