Tissue Regenix sets sights on US sports medicine market as skin graft sales soar
Regenerative medical devices business Tissue Regenix says it is “well place for future growth” after seeing revenues jump 77%, boosted by growing demand for its Dermapure skin graft technology, while also announcing plans to break into the US sports medicine market.
In the 11 months to December 31, the Leeds-based company saw revenues rise to £1.4m from £816,000 the year before, driven by a strong performance from DermaPure sales, which were up 64% to £1.3m, and the first contribution from its German joint venture GBM-V.
Tissue Regenix reported an operating loss of £11.1m, compared to £10.2m in 2016 which it said was as expected and refelcted increased investment in sales and marketing.
The group now has contracts with the two largest US hospital purchase organisations (GPOs) and has also established a US orthopaedic subsidiary ahead of potential entry in US sports medicine market.
Antony Odell, CEO, Tissue Regenix Group, said: “We have made significant progress across the business during the year. The growing momentum behind our portfolio of pioneering regenerative medical devices has increased with market adoption. This is reflected in the financial performance of the business with group revenue growth of 77%, wound care growth of 64% and initial sales from our German joint venture.
“In the US, our wound care business successfully secured expanded Medicare coverage, which now stands at 93% of Medicare beneficiaries. We also gained contract approvals under the two largest US GPO’s, Premier and Vizient, both of which were awarded under the respective ‘Innovative Technology’ awards, offering a credible and independent review of dCELL® Technology.
“During the year we also submitted clinical data to the regulatory body for CE mark approval for our first Orthopaedic product, OrthoPure XT. With initial distributors agreements signed we expect a timely roll out once approval is granted however, ongoing changes to the Medical Device Regulations extended the timeline for launch but we continue our dialogue with the regulator and still anticipate that this will take place during 2017.”
He added: “Elsewhere, we continue to pursue the necessary regulatory approval to roll out DermaPure and CardioPure in the EU and, upon finding a suitable tissue bank partner for OrthoPure HT in the US, we expect to enter the US sports medicine market in the near future.
“We believe that the progress we have made across each of our business units and the exciting organic growth opportunities afforded by our broad development pipeline of innovative products and the recently signed GPO contracts means that we are well placed for future growth.”
