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York,
19
May
2014
|
07:00
Europe/Amsterdam

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.

 

Operational Highlights

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

 

Financial Highlights

  • 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.

 

Antony Odell, CEO of Tissue Regenix
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.
Antony Odell, CEO of Tissue Regenix

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