Unaudited preliminary results for the year ended 31 January 2014
Tissue Regenix Group plc (AIM:TRX) (“Tissue Regenix” or “the Group”), the regenerative medical devices company, today announces its unaudited preliminary results for the year ended 31 January 2014.
During the year, the Group has:
- Achieved significant progress in the implementation of the Group’s commercial roll-out strategy in the US
- Signed a processing agreement with Community Tissue Services (CTS), one of the largest tissue banks in North America, and worked together to successfully transfer the Group’s patented dCELL® technology for use in the US market
- Signed seven independent regional sales distribution agreements, providing access to an extensive network of over 40 sales representatives across 25 states
- Strengthening and expansion of the Group’s US team, including strategic appointments in Sales, Marketing, Clinical Affairs and Operations
- Remains on track to launch its first product, DermaPure™, in to the US market in H1 2014
- Successfully completed trials of a new treatment for chronic leg ulcers, in conjunction with NHS Blood and Transplant (‘NHSBT’), in which half of patients involved had their wounds completely healed
- ‘Soft launch’ of DermaPure™ in the UK by NHSBT to a limited number of hospitals with initial positive results from patients and clinicians
- Developed the composition of the Board, with the appointment of Randeep Singh Grewal and Steven Couldwell as Non-Executive Directors, who both have strong commercial and entrepreneurial experience in the healthcare sector
- Appointed Peter Hamer as Business Development Manager of the Group’s Orthopaedics division
- Continued strong cash position with a balance of £18.5m at the year-end (2013: £24.2m)
- Operating loss for the year of £6.6m (2013: £4.4m) reflected the anticipated acceleration of use of cash as the Group progresses its development programme and pre-clinical and clinical trials
- Continued submission of enhanced research and development tax claims – expected refund for the year is £710k.
This year, we have continued to invest in our product development programme and are poised to deliver a scalable commercial roll-out of products using our dCELL® technology. We have made a lot of progress in a relatively short space of time, particularly in the US, where we are now in a strong position to capitalise on opportunities in what is the world’s largest healthcare market.
To see the full unaudited preliminary results for the year ended 31 January 2014, please visit: http://otp.investis.com/clients/uk/tissueregenix1/rns/regulatory-story.aspx?cid=208&newsid=413822
To see the Tissue Regenix Annual Report for the year ended 31 January 2014, please visit: http://www.tissueregenix.com/~/media/Files/T/Tissue-Regenix/reports-and-presentations/report-and-accounts-2014.pdf