Renovo axes all employees after drug fails trial

A brutal shake-up of Renovo Group concluded today with the drug firm reporting that by the end of June "it will have no remaining employees".

That's the fallout from a revelation in February that its lead drug Juvista, a scar treatment, failed a clinical trial.

Renovo is vacating its Manchester premises and will outsource clinical trial programmes for Prevascar and Adaprev, its other drugs.

The group has £33 million of cash and is pondering ways to return this to shareholders.

Chief executive Mark Ferguson will carry on as a non-executive chairman, with David Blain as chief financial officer and company secretary.