Medtech company chief executive departs with immediate effect
The chief executive of medical technology business Tissue Regenix, Antony Odell, is to leave the company with immediate effect.
He has led the business since 2008 and oversaw its float on the Alternative Investment Market in 2010.
In a statement, the company did not explain the reasons for his departure but said “the integration of CellRight continues as planned and current trading remains in line with board expectations”.
The company lost £9.9m in an 11-month financial year, to December 2016, having lost £9.5m in the previous 12-month period. Its share price has halved since the start of the year, reaching a four-year low, and the company now has a market value of £100m.
Odell earned a £100,000 bonus in 2016, taking his earnings for the 11-month year to £293,000.
Chairman John Samuel, who will take an executive role while the search for a chief executive takes place, said: “He has been a key member of the executive team. During his tenure the Company has listed on the AIM market, successfully commercialised products in the US and earlier this year completed the transformational acquisition of CellRight, while continuing to pursue additional commercial opportunities.”
Tissue Regenix is developing and commercialising a range of medical devices and treatments based on its patented dCELL process. Its technology removes DNA and other cellular material from tissue in a way that is useful for wound care and orthopedic sports medicine.
The company is headquartered at Swillington, Leeds, and employs around 80 people.