Biotech company hails ‘transformative year’ as revenue trebles
Regenerative medical devices business Tissue Regenix has seen revenues increase more than three-fold in what its chief executive described a “transformative year.”
The Leeds-based company, which snapped up US regenerative medicine business, CellRight, in a £23m deal in July, announced revenues of £5.2m for the year to the end of December 2017 compared to £1.4m for the 11 months to December 31 2016.
The company reported a pre-tax loss of £10.7 in is latest financial results, compared to pre-tax losses of £10.9m in the year to 31 December 2016.
It reported operating loss before exceptional items of £9.7m (2016: £11.1m), while gross profit increased to £2.6m from £700,000 the year before.
Tissue Regenix delivered a £40m equity raise in the period while also appointing Steve Couldwell as chief executive in November.
Couldwell said:”2017 was a transformative year for the Tissue Regenix Group with the completion of the acquisition of CellRight Technologies providing a complementary regenerative platform technology, state-of-the-art manufacturing facility in San Antonio, TX, and a vastly experienced team of research, regulatory and manufacturing personnel.
“This has brought a step- change in the strategic vision of the company, as we enter a new phase of commercialisation, highlighted by the post-period announcements of strategic partnerships with ARMS Medical for DermaPure, and Arthrex, Inc. for the distribution of CellRight’s innovative ‘BioRinse’ portfolio. Moving forward strategic partnerships of this nature will be of increasing importance to the company, as we look for ways to increase our market penetration and maximise our research and manufacturing capabilities to deliver differentiated products, and a long term return on investment.
“The acquisition of CellRight Technologies and successful equity fundraise augments our commercial opportunity, financial position and distribution outreach of the group; combining two complementary platform technologies across key clinical markets in an expanding number of territories.
“With the initial integration of the companies now complete we are optimistic around the group’s potential for 2018 and beyond.”
