Biotech company secures $20m credit facility to meet demand for products

Regenerative medical devices company Tissue Regenix has entered into agreements with MidCap Financial Trust to access a revolving credit facility and a term loan credit facility of up to $20m.

The Leeds-based company said: “The initial net proceeds of the facilities and any further funding drawn down in due course, will be used to invest in additional capital expenditure to sustain future business growth, generate further clinical and health economic real world data to support brand differentiation within dCELL and BioRinse, and for general corporate and working capital purposes.”

Steve Couldwell CEO of Tissue Regenix, said: “I am pleased that we have secured access to these credit facilities, which will enable the company to continue meeting the growing demand for our products. It also allows us to focus on our stated strategy and further invest in the growth of the business as we strive to reach profitability in the near term, whilst limiting dilution for shareholders.

“These proceeds will be invested in the commercialisation and development of the business, as well as undertaking real world clinical data collection programs which we believe will highlight the differentiated characteristics of our dCELL® and BioRinse products. We will work closely with MidCap Financial to ensure the utilisation of the facilities work in the best interest of current shareholders and the company.”