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London,
08
October
2013
|
10:59
Europe/Amsterdam

Unaudited Interim Results for the six months ended 31 July 2013

Unaudited Interim Results for the six months ended 31 July 2013

Tissue Regenix, the regenerative medical devices company which uses animal or human tissue to replace damaged or worn out parts of the human body, today announces its unaudited interim results for the six months ended 31 July 2013.

 

Operational Highlights

During the period, Tissue Regenix has:

  • Made significant strides in building the Group’s US subsidiary, Tissue Regenix Wound Care Inc.   
    • 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.
    • Nearing completion of the appointment of distributors across the US to cover the majority of the country.  
    • Made senior appointments in Sales, Marketing, Clinical Affairs and Operations
    • Remains on course to deliver the US commercial launch of DermaPure™ in the first half of 2014.
  • Produced positive final clinical data with DermaPure™ technology in collaboration with NHS Blood and Transplant (‘NHSBT’), with more than half of patients involved in the first trial for chronic leg ulcers having had their wounds completely healed.  Successfully completed pre-clinical trials on pig dCELL® meniscus. Positive results and confirmation of the product’s safety now pave the way for regulatory submission to secure approval to start clinical studies in Europe   
  • Appointed a Business Development Manager at the Group’s Orthopaedics division
  • Made further progress in the composition of the Group’s board with the appointment of two new non-executive directors with substantial healthcare industry knowledge and experience

 

Financial Highlights

  • Expected loss after tax of £2.1m for the first half of 2013 (H1 2012: £1.8m) resulting from additional development expenditure and increased head count as multiple product programmes continue to move forward
  • Cash and cash equivalents of £21.7m as of 31 July 2013 (H1 2012: £26.1m)

 

Antony Odell, Tissue Regenix Managing Director, commented: “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. 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.”

 

To see the full Tissue Regenix unaudited interim results for the six months ended 31 July 2013, please visit:

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11734312

 

To see the Tissue Regenix Interim Report for the six months ended 31 July 2013, please visit: 

http://www.tissueregenix.com/images/website/content/TRG%20Interim%20report%202013%20Final.pdf

 

Tissue Regenix held a Capital Markets update presentation on 8th October 2013. A webcast is now avaliable from the event, please visit: 

http://cache.merchantcantos.com/webcast/webcaster/4000/7464/16532/29252/Lobby/default.htm