A YORK company specialising in regenerative medical supplies has raised £20 million to develop and launch new products following a share placing.

Tissue Regenix, based at York Science Park, also wanted additional funds to boost its American sales team as it continues to roll outs its dCELL technology, which uses human and animal tissues to create scaffolds to repair body parts.

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.”

The AIM-listed firm raised the funds through a placing of 105,263,158 new ordinary shares of 0.5 pence each at a price of 19 pence per placing share.

Products in development at Tissue Regenix include applications for meniscus repair, ligament repair and heart valve replacement.