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Tissue Regenix to stay in red for ‘foreseeable future’
LOSSES continue to be reported at York regenerative medical device specialist Tissue Regenix as the firm advances in its investment phase.
Based at the Biocentre, in Heslington, the company has seen a pre-tax loss of £2.3 million for its work using animal or human tissues to replace damaged parts of the human body.
The loss, recorded in its interim results for the six months to July 31, compares with a lost of £1.9 million in the same period last year.
However, bosses say losses were expected, and they will remain in the red “for the foreseeable future” as the firm continues to invest in development as product programmes move forward.
With cash totalling £21.7 million, the business is financially confident as it prepares to generate revenue next year when it will launch its first products in the US.
Antony Odell, Tissue Regenix managing director, said: “We are still in investment mode so far as the loss is concerned, which will continue for the foreseeable future.
“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.
“The initial core of development is over now and we are about to enter the clinical trials.
“We were putting together the US strategy this time last year so we have done an incredible amount in a short space of time to make that a reality.
“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.
“People are investing for the long term. It’s always nice to make money but the reason people put money into Tissue Regenix is they see the potential for the technology.”
During the six months the group said it enjoyed a number of operational highlights including making significant strides in building its US subsidiary, Tissue Regenix Wound Care.
It also signed 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 is also nearing completion of the appointment of distributors across the US to cover the majority of the country, while the business has completed a recruitment drive, appointing senior figures to help take the products to the market.
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