Biotech Values

[DewDiligence]

RCAR stops clinical-trial enrollment because no one was enrolling (seriously):

https://www.globenewswire.com/news-release/2022/03/09/2400314/0/en/RenovaCare-Provides-Clinical-and-Corporate-Update.html

RenovaCare, Inc. a clinical-stage developer of patented technologies for isolating and spraying cells for the regeneration of skin and other organs and tissues, today announced that following the review of its research and corporate activities, the Company is taking steps to streamline its clinical, research and development, and administrative operations in order to reduce costs.

These actions are due to a variety of factors, including (i) COVID-19 related low patient enrollment for the RenovaCare clinical trial (CELLMIST 1) which commenced in 2021 to evaluate the safety and feasibility of its Electronic SkinGun and CellMist System for the treatment of burn wounds, and (ii) the ongoing legal costs of the Company’s defense against a civil complaint filed by the U.S. Securities and Exchange Commission and several class action and derivative lawsuits.

Accordingly, the Company has suspended patient enrollment in its clinical study and plans to reduce its administrative overhead. Patients previously enrolled and treated with RenovaCare therapies and technologies will continue to receive ongoing care as per the FDA protocol. The clinical study and IDE remain open for possible resumption, and enrollment in the study may continue once the adverse impacts of the pandemic abate and capital funding becomes available.

The COVID excuse is a red herring.

Also see #msg-127909274 (from 2017).