A PIONEERING medical science firm which recently moved from York has hailed a year of "significant progress" as it announced its latest results.
Highlights for the Tissue Regenix Group of the year ending January 31 included moving its UK operations to a new base in Swillington, near Leeds. Until last month its corporate base was on York Science Park.
It also entered a key joint venture agreement which saw licences for its transplant technology being granted for the first time in the EU, surpassing $1 million sales in the US for its DermaPure skin-healing product and increasing its revenue to £800,000 from £100,000 in 2015.
The group had a year-end cash balance of £19.9 million, and a loss after tax for the year of £9.5 million, which the group said was expected, "reflecting the progression of EU clinical trials, and growing commercial infrastructure in the US".
Chief executive Antony Odell said yesterday: "During the year to January 31, 2016, Tissue Regenix made significant progress in both the commercial and development businesses of the group."
Adding that its momentum had increased since year end, he said: "With Tissue Regenix celebrating its tenth anniversary this year I feel that the group is now beginning to truly show the enormous potential of our dCELL technology platform. Changing patient treatment, recovery and quality of life, across multiple clinical areas, and with the scope for future applications within the development pipeline."
Chairman John Samuel: “Tissue Regenix has delivered another promising year of continued progress, both in terms of commercialisation, and development from its pipeline of innovative regenerative solutions.”
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