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 Shares of the company jumped 22 percent to 3.45 pence per share in
morning trade on Monday on the London Stock Exchange.
ReNueron's trial adds to a small but growing number of studies being
conducted by a few publicly listed companies around the world that
are testing stem cell therapies in various indications.
Stem cell therapy development has been stalled in the past by
stricter regulations in United States, and concerns over side
effects in testing a field that experts believe is still in its
nascent stages.
U.S. stem cell therapy developer Asterias Biotherapeutics Inc said
in November that an early study of its treatment for complete spinal
cord injury hit its efficacy target within three months.
Fellow U.S. stem-cell therapy developer StemCells Inc merged with
Israeli company Microbot Medical Ltd in August, a week after it
scrapped a mid-stage study on its treatment for spinal cord injury.
ReNeuron said that 15 out of 21 patients that were treated with the
company's CTX cell therapy showed statistically significant
improvement on various scales in the study.
The company said that the data was encouraging despite the study
failing to meet its main goal, as some of the responses to the
treatment came after the study period of three months.
Stifel analysts raised their price target on ReNeuron's stock to 15
pence from 11 pence after the statement.
The British biotech firm had set the main goal of the mid-stage
study as a two-point improvement in the motor function at three
months after treatment, in two patients out of the 21 who have
suffered a stroke and participated in the study.
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ReNeuron said on Monday that three out of the 21 patients achieved
improvement in their motor function at three, six or twelve months
after treatment.
The company plans on testing the stem cell treatment in a larger
study.
ReNeuron had said in August that based on the results of the
mid-stage study, it would apply to various health regulators to
start a phase 2/3 study in the first quarter of 2017.
The company is also testing its stem cells in early stage studies to
treat patients with Critical Limb Ischaemia and a kind of vision
problem called Retinitis Pigmentosa.
(Reporting by Vidya L Nathan in Bengaluru; Editing by Amrutha
Gayathri)
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