Clinical trials affect the bottom line at Tissue Regenix
THE cost of EU clinical trials and US expansion has hit pre-tax profits at Tissue Regenix, the regenerative medical devices business.
Losses after tax for the Leeds-based business rose to £9.5m from £7.6m for the year to 31 January 2016.
Despite this, chief executive Antony Odell said that the business had made “significant” progress in the commercialisation and regulatory approval for its products.
The company’s unaudited preliminary results for the year ended 31 January 2016 showed an increase in revenue of more than £700,000, to £816,000.
It was helped by passing $1m sales in the US for its DermaPure product.
During the year it also signed on to a joint venture with German company. GBM-V is an “important milestone” for the maturing company it said, allowing it to expand in Europe.
Antony Odell, Tissue Regenix’s chief executive said:”The performance of DermaPure in its first commercialised year exceeded our expectations and gives us confidence as we move forward with a number of line extensions in different clinical applications. This progress was also mirrored in our porcine orthopaedic products OrthoPureTM XM & OrthoPureTM XT both of which entered regulatory clinical trials for CE marks.
With Tissue Regenix celebrating its 10th anniversary this year I feel that the Group is now beginning to truly show the enormous potential of our dCELL® technology platform.
“Changing patient treatment, recovery and quality of life, across multiple clinical areas, and with the scope for future applications within the development pipeline.”
