Tissue Regenix reaches critical milestones
TISSUE Regenix, the regenerative medical devices company, today said it has achieved a number of “critical” milestones in the past six months.
The York-based company, which uses animal or human tissue to replace damaged or worn out parts of the human body, posted a pre-tax loss of £2.3m compared to a loss of £1.9m in the same period last year in its interim results for the six months ended July 31 2013. However, it said the expected loss is from additional development expenditure and increased head count as multiple product programmes continue to move forward, according to the firm.
As planned, Tissue Regenix said it has continued to make investments in product development and said it has maintained a strong cash position of £21.7m at the end of the first half (H1 2012: £26.1m).
Antony Odell, Tissue Regenix managing director, said: “We have continued to make good progress on the execution of our strategy to commercialise our range of products, and our investments during the first half of the year reflects this plan.
“We have achieved a number of critical milestones in the past six months and we are focusing on taking the most effective route to open up new international markets for our dCELL products by working with our partners to develop new treatments using our decellularisation technology.”
The group said that during the period, it has made significant strides in building its US subsidiary, Tissue Regenix Wound Care. Other highlights include
signing a processing agreement with Community Tissue Services, one of the USA’s largest tissue banks to manufacture DermaPure, Tissue Regenix’ human decellularised dermis product for chronic wounds.Tissue Regenix also said it is nearing completion of the appointment of distributors across the US to cover the majority of the country and remains on course to deliver the US commercial launch of DermaPure in the first half of 2014.
The group said: “We believe that Tissue Regenix is well-positioned to capitalise on opportunities that are available in the world’s most attractive markets.”
