£20m fundraising to support medical firm’s expansion
TISSUE REGENIX plans to raise £20m from new and existing institutional investors with a share placing.
The York-based regenerative medical supplies company, which commercialises academic research conducted by its partners around the world, wants the money to develop and launch new products and to expand its American sales team.
Products in development include applications for meniscus repair, ligament repair and heart valve replacement.
The AIM-listed company’s most recent financial figures, announced in October, showed a first half loss of £3.4m which was the result of additional development expenditure and establishing the commercial operations in the USA. However the period was described as “most exciting in the group’s short history” as it saw the launch of its DermaPure wound healing technology in America, and today it has said sales are “building momentum”.
Antony Odell, chief executive of Tissue Regenix, said: “Our latest fundraising represents a milestone for the company. Having launched our first product, the time has now come to build up our US direct sales network to ensure we build coverage of hospitals in this key market.
“Initial responses by potential customers to DermaPure have been extremely positive and we are very excited by the potential that this product offers. In addition, we have new products and applications in development, that give us the potential to address new markets – including knee injury – which have massive potential. This fundraising will allow us to achieve these goals.”
