Portfolio Update

RNS Number : 6156V

Woodford Patient Capital Trust PLC

09 April 2019

 

Woodford Patient Capital Trust plc

Portfolio update:

ReNeuron partners with China-based Fosun Pharma in deal worth up to £80m

9 April 2019

ReNeuron (AIM: RENE), a company in the Woodford Patient Capital Trust (WPCT), has signed an exclusive agreement with Shanghai-based Fosun Pharma to fully fund the development, manufacture and commercialisation of its CTX and hRPC cell therapy programmes in China.

The partnership is worth up to £80m and double-digit royalties to ReNeuron, the UK-based clinical-stage stem cell business developing therapies that target areas of significant unmet or poorly provided medical need.

Fosun Pharma, which is listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, is a leading healthcare group in China with extensive healthcare business interests worldwide. It will pay ReNeuron £6m (US$7.9m) on entering into the agreement, up to £6m (US$7.9m) in near-term operational milestones, and up to £8m (US$10.5m) in future regulatory milestone payments. Provided all milestones and profit thresholds are successfully met, payments will total £80m.

In October, ReNeuron reported positive data from its lead stem cell therapeutic candidate (known as CTX) for the treatment of patients left disabled by a stroke. Around 150,000 people suffer a stroke in the UK each year and 800,000 in the US, and it is estimated half of all stroke survivors are left with permanent disabilities.

ReNeuron is also developing a therapy (known as hRPC) for blindness-causing disease retinitis pigmentosa. Over the past few weeks, the company has reported an ongoing and clinically meaningful improvement in all patients of the first group of phase II patients receiving the treatment.

Woodford Patient Capital Trust first invested in the company in April 2015. As of 8 April 2019, it represented a 0.93% position in the WPCT portfolio. It is also held in the LF Woodford Equity Income Fund (0.24%).

Link to initial release.

For further information please contact:

Four Broadgate

Roland Cross / Jonathan Atkins

020 3697 4200

[e-mail]

Notes to editors:

For further information go to: woodfordfunds.com

About Woodford Investment Management:

Woodford Investment Management Limited is an asset management company built on a founding philosophy of transparency and simplicity. Launched in May 2014, the company has £10.5 billion assets under management and advice. Further information can be found at https://woodfordfunds.com

Woodford Investment Management Ltd

9400 Garsington Road Oxford OX4 2HN

[phone]

[e-mail]

woodfordfunds.com

 

END

 

 

PFUVKLBBKZFEBBV