Biotech company sees sales rise after acquisition success
A Leeds-based regenerative medical devices business has reported an increase in sales for the six months ending 30 June 2018.
Tissue Regenix Group saw sales rise to £5.6m, compared to the £1.3m achieved during the same period last year.
This strong performance was driven by a 73% rise in sales of the group’s skincare device DermaPure on a reported basis, 96% in constant currency, to £1.5m.
In addition, Tissue Regenix’s CellRight division contributed £3.2m to its orthopaedics and dental. US regenerative medicine business, CellRight, was acquire in a £23m deal in July 2017.
The company also reported pre-tax losses of £4.8m which has slightly narrowed from losses of £5.4m for the same period in 2017.
During this time,Tissue Regenix secured a raft of new distribution agreements and made a senior appointment with Gareth Jones set to become the new Chief Financial Officer.
Steve Couldwell, CEO of Tissue Regenix Group, said: “We have delivered a strong first half performance. I am pleased with the growing momentum across our business and we increased market penetration in our key clinical areas as a result of the good progress against our refined strategy.
“Central to our commercial success has been the strategic distribution agreements with Arthrex, for US distribution of the BioRinse portfolio, ARMS medical for the exclusive distribution of DermaPure in the Urogynaecology space and Pennine Healthcare, the first UK distribution agreement for our enlarged Group.
“We continue to increase our focus on commercial execution to drive the sales of both dCELL®, through DermaPure, and the growing demand for the BioRinse portfolio from direct and OEM customers.
“We recently passed the first anniversary of the CellRight acquisition and have navigated through the integration process, successfully transferring the processing of DermaPure into the CellRight San Antonio facility, and leveraging the development, operational and commercial experience of the combined companies.
“We have identified a number of potential new commercial opportunities which we are actively pursuing and anticipate our current momentum will continue. We remain committed to our objective of being break-even in 2020.
