Tissue Regenix raises £25m to fund expansion
MEDICAL device developer Tissue Regenix is to raise £25m and create 30 new jobs in Yorkshire.
The company is raising the funds through a share placing and will use the cash to develop its existing products including a blood vessel patch made from pig tissue and to develop a heart valve using the same techology.
It is also looking to fund expanded product development, quality assurance, regulatory and manufacturing teams as well as a move to new premises.
Executive chairman John Samuel said: “We are delighted to announce this material funding round which will transform our balance sheet and gives us the firepower to leverage our innovative technology platform.
“As well as allowing the company to develop a range of products simultaneously following the established medical device regulatory route, this commitment from both existing and new investors is a significant endorsement of the commercial potential of our broad product pipeline.
“We are also pleased to note that the planned expansion of key teams will potentially lead to the creation of up to 30 high quality medical technology jobs in Yorkshire.
“The directors continue to believe that our tissue products’ ability to retain biomechanical and regenerative capabilities on implantation provides us with an attractive platform from which we aim to become a significant global player in regenerative medicine.”
The placing will involve more than 180m new shares at a price of 13.75p raising £25m before expenses. It is fully underwritten by Peel Hunt.
A team from DLA Piper’s Leeds office, led by partner Tom Heylen and supported by Victoria Rhodes, advised Tissue Regenix.