UPDATE 1-UK's Renovo to split Juvidex into two products

* New formulation to be branded as Adaprev

* Adaprev to be developed as medical device

* Shares up 6 percent in thin volume

* Cash at half-year point 73.0 million pounds (Adds details)

LONDON, May 19 (Reuters) - Renovo Group Plc RNVO.L, a British drug company specialising in treatments for scarring, said it had split its Juvidex drug into two distinct products, with one version being classified as a medical device, speeding up its approval process.

Renovo, which said last month it was in early talks with an unnamed third party which had made a bid approach, said the new product, an injection formulation of the Juvidex active ingredient M6P called Adaprev, will be targeted as a treatment for tendon adhesions.

“The Class III medical device route will be used, (which is) more simple and therefore quicker and cheaper ... This is interesting new news,” said Ian Wainwright, managing director life sciences specialist sales at brokerage Canaccord Adams.

The company also reported that its net cash position including investments at March 31 was 73.0 million pounds ($112 million).

At 0826 GMT Renovo shares were up 5.9 percent at 31-1/2 pence in thin volume of just 1,000 shares. (Reporting by Ben Deighton; Editing by David Holmes) ($1=.6516 POUND)