YORK medical device specialist Tissue Regenix has posted an expected pre-tax loss of £8.4 million as it continues to invest in the commercialisation of technologies.

Bosses at the York Science Park based firm described 2014 as a "year of real progress" as they announced preliminary results for the year ending January 31 2015.

Chief executive Antony Odell said the firm is likely to continue to make losses in the coming year as it invests more in the future, but says Tissue Regenix's cash reserves of £10.3 million give "sufficient headroom" to drive the commercialisation of its first product.

During the year the group launched its DermaPure product in the US acute care chronic wound market, marking a major step in the commercialisation of its technology, which works by taking human donor skin and removing the DNA and cells, to leave a natural scaffold to treat wounds.

Mr Odell said: "The year 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.

"These developments validate our strong belief that our dCELL technology has the capacity and capability to address significant markets and improve the treatment and recovery of millions of patients per year.

"We have continued this strong momentum into the new financial year and 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."

Since the year end, the company raised net proceeds of £19 million in February through a share placing with the funds to be spent on the development and launch of human meniscus and ligament products in the US, as well as the further expansion of the salesforce for DermaPure in the US.

Tissue Regenix chairman John Samuel said: "We expect 2016 to be another exciting year for Tissue Regenix in which the ground work from our commercialisation strategy for DermaPure begins to be reflected in sales from a diverse range of customers."