Medical firm "can be global player"

TISSUE Regenix is aiming to become a major global force in regenerative medicine after a “pivotal year”, according to chief executive Antony Odell.

The company is developing medical products based on technology that prevents rejection by the body, such as a blood vessel patch made from pig tissue.

Results published today showed that the York-based company made a pre-tax loss of £2.9m for the year to the end of January, down from £5.7m the previous year.

But it also has £28m cash to spend on development work after a £25m fundraising in December.

Mr Odell said: “Last year was a pivotal year for Tissue Regenix: the December 2011 fund raising, as well as providing a significant endorsement of the commercial potential of our innovative technology platform, has enabled us to progress simultaneously the development of a number of programmes addressing a range of different clinical needs in orthopaedics, cardiology, advanced woundcare and vascular medicine.

“We believe that the investment we have and continue to make in these areas will enable us to become a significant global player in regenerative medicine.

“We look forward to continuing our progress across several programmes during 2012 and to further building on the clinical acceptance of our technology.”