LONDON (ShareCast) - Directors at Renovo increased their stakes in the biopharmaceutical company Thursday as it reported progress in the development of its scar treatment drug Juvista.

The Manchester-based company’s co-founder and chief executive Professor Mark Ferguson paid £50,000, or 27p a share, for 185,185 shares in the company, and now has more than 8m shares, or 4.24% of the company.

Fellow co-founder and chief scientific officer Dr Sharon O’ Kane took 111,000 shares, lifting her stake to more than 4.7m shares, and chairman Rodger Pannone took 35,000 shares, bringing his holding to 53,750 shares. They also paid 27p a share. Several non-executive directors also bought into the company.

Renovo saw its pre-tax losses in the six months to March 31 narrow to £7.3m from £12.4m and said that trials of Juvista, a treatment for reducing scarring after operations such as breast enlargement and mole removal, will move into phase 3 trials next year.

Top Director Buys

Arbuthnot Banking Group (ARBB)
Director name: Mr Andrew Salmon
Amount purchased: 50,000 @ 335.00p
Value: £167,500

Renovo Group (RNVO)
Director name: Mark Ferguson
Amount purchased: 185,185 @ 27p
Value: £50,000

Top Director Sells

IMI (IMI)
Director name: Mr David C Nicholas
Amount sold: 72,625 @ 512.30p
Value: £372,058

IMI (IMI)
Director name: Mr David C Nicholas
Amount sold: 42,244 @ 512.30p
Value: £216,416

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