"A year of real progress" as Tissue Regenix pushes into America

MEDICAL supplies group Tissue Regenix has hailed a “year of real progress” as it continues its push into America.

The AIM-listed company’s pre-tax losses in the year to January increased by £1.9m to £8.2m, which reflected the investments in research and commercial operations.

It ended the financial year with cash balances of £10.3m and raised a further £19.0m in February, after the year end.

The company said its financial position provides “sufficient headroom to drive the commercialisation of our first product, DermaPure, in the US, while investing in additional products across a range of clinical applications in the US and Europe”. It expects to continue to lose money as it builds its infrastructure and invests in the company’s development.

Antony Odell, chief executive of York-based Tissue Regenix, said: “[It] was a year of real progress for Tissue Regenix. We are delighted, not only with the continued drive towards the commercialisation of DermaPure, but also the highly encouraging early-stage results from our portfolio of other products.

“I look forward to the coming year with real confidence.  DermaPure looks set to repay the considerable financial and intellectual capital investment that has been made in its development, and current progress give us confidence that our pipeline of other products will progress successfully through clinical trials.”