Regenerative medtech company Tissue Regenix has secured emergency cash to keep the lights on – but its longer-term survival still hangs on a larger capital raise.<\/p>\n
The York-based company has obtained a $500,000 overdraft facility from its existing lender MidCap Financial – enough to cover November payroll and stave off an immediate collapse.<\/p>\n
In a statement Tissue Regenix said the newly installed senior leadership team continues \u201cto clarify the immediate funding needs of the business and the larger capital sum needed to restore revenue growth.\u201d<\/p>\n
The group remains in ongoing talks with its major shareholders about raising further capital – notably by issuing a convertible loan note – with a full proposal expected to be circulated to shareholders later this week.<\/p>\n
This latest update follows a turbulent few weeks for Tissue Regenix. Last month, company suspended trading on the AIM market so the board so could assess the fallout from restated 2024 financials, which showed an unexpected swing from profit to loss after correcting \u201cfinancial inaccuracies.\u201d<\/p>\n
In the previous quarter the company also reported a 6% drop in revenue – citing regulatory delays, reimbursement challenges and production bottlenecks.<\/p>\n","protected":false},"excerpt":{"rendered":"
The York-based company has obtained a $500,000 overdraft facility from its existing lender MidCap Financial – enough to cover November payroll and stave off an immediate collapse<\/p>\n","protected":false},"author":271992,"featured_media":2131318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262],"coauthors":[137100],"class_list":["post-2147235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-featured-story","tag-yorkshire"],"yoast_head":"\n