Renovo

Renovo is a biopharmaceutical product company and is the world leader in scar prevention and reduction research and the development of drugs to prevent and reduce scarring. The Company has a highly skilled management team with over 30 years of research experience in the field of scarring and significant pharmaceutical industry expertise. Scarring can result from acute injury in, or surgery to, the skin, blood vessels, eyes, nerves, internal organs, tendons and ligaments. These are high value markets of significant unmet medical need. Renovo has a portfolio of drugs which exploit different novel mechanisms of action to prevent and reduce scarring at multiple body sites and to accelerate healing. Juvista, Renovo's lead drug for the prevention and reduction of scarring in the skin has been safely administered to over 1,500 human subjects and has reported statistical and clinical significance in five Phase 2 efficacy trials. Renovo announced in June 2007 that it had signed an exclusive licensing agreement with Shire plc to develop and commercialise Juvista. The agreement covers every country in the world except the European Union, the rights to which have been retained by Renovo. Under the terms of the deal Renovo has already received an initial payment of US$125 million, consisting of a US$75 million upfront payment and US$50 million equity investment in Renovo Group Plc.