Renovo falls after Juvista update

Renovo (LSE:RNVO) fell 7.5p (22%) to 27p on Thursday after the company and its partner Shire (LSE:SHP; NASDAQ:SHPGY) agreed to change the development plan for Juvista to prevent and reduce scarring following surgical procedures. Renovo said Shire now plans to begin U.S. Phase III testing of the intradermal injection of human recombinant transforming growth factor (TGF) beta 3 only if data from an upcoming European Phase III trial are positive. That decision, Renovo said, will come after completion of the European trial, which Renovo plans to start this year. Previously, the U.S. and European Phase III trials of Juvista were expected to run in parallel. ...