Scar prevention firm Renovo may seek investment to help the finance the development of its Juvista therapy if another trial is needed.

The biomedical outfit recently signed a £400 million deal with Shire Pharmaceuticals for the US rights to Juvista.

Renovo hopes to market and sell the product in Europe.

The firm has already received a number of inquiries regarding partnerships and agreements for its other drugs, reports Crain's Manchester Business magazine.

Speaking at the Piper Jaffray Europe Conference, Renovo's chief executive Mark Ferguson said that the firm has sufficient funds to get the first phase-three trial completed in Europe.

"There will need to be additional capital generated to carry out further trials," he added.

He also said anti-scarring drug therapy is a "huge virgin market".

Renovo recently took on an extra 25,000 sq ft of space at the University of Manchester Incubator Company's core technology facility.