Tuesday June 30, 10:46 AM
UPDATE 1-ReNeuron falls as no news on its stroke treatment
LONDON, June 30 (Reuters) - Shares in British stem cell specialist ReNeuron fell 10.5 percent on Tuesday after market talk that the day would bring an update on regulatory clearance for its lead stoke treatment proved unfounded.
The stock had been buoyed by talk that it would make the update when delivering its full-year results on Tuesday, but the company said it would be in the 'next few weeks'.
'There were rumours in the market circulating that were unfounded,' said Vadim Alexandre, analyst at brokerage Daniel Stewart.
'I would hope that this would be resolved before the end of the summer, ideally in July,' he said.
He added that he was 'pretty confident' that ReNeuron would get the final clearance, and reiterated his 'buy' recommendation for the stock.
ReNeuron is currently waiting for the Gene Therapy Advisory Committee (GTAC) to give the final green light for it to start human trials over its ReN001 stem cell treatment for stroke.
'We anticipate being able to give a further update in this respect over the next few weeks,' the company said in a statement.
ReNeuron also announced in its results on Tuesday that its loss for the full year ended March 31 narrowed to 3.7 million pounds ($6.1 million), from 6.6 million pounds, while cash levels stood at 0.9 million pounds.
(Reporting by Ben Deighton, editing by Will Waterman)
($1=.6076 Pound) Keywords: RENEURON/
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