LONDON (Alliance News) - Tissue Regenix Group PLC said on Monday that it performed well against its strategic milestones, as its loss narrowed and revenue grew significantly in 2017.
The regenerative medical devices company posted a pretax loss of GBP10.8 million for 2017, slightly narrowed from GBP10.9 million for eleven months period a year earlier, as revenue rose sharply to GBP5.2 million from GBP1.4 million.
The group booked a GBP1.1 million charge on exceptional items, compared with no such one-off the prior year. Administrative expenses grew to GBP12.3 million from GBP11.8 million.
Tissue Regenix said it paid GBP102,000 legal costs in relation to the LifeNet litigation.
On August 9, the company acquired CellRight for GBP996,000, which contributed GBP2.2 million to the group's total revenue. In the first quarter of 2018, Tissue Regenix signed a distribution agreement with the orthopedic medical device company Arthrex Inc for CellRight's osteobiologic products, it said.
DermaPure sales in the US grew 46% to GBP1.9 million in 2017 from GBP1.3 million in 2016 and sales in controlled joint ventures were up to GBP1.1 million from GBP100,00.
Tissue Regenix Chief Executive Officer Steve Couldwell said: "2017 was a transformative year for the Tissue Regenix Group with the completion of the acquisition of CellRight Technologies providing a complementary regenerative platform technology, state-of-the-art manufacturing facility in San Antonio, TX, and a vastly experienced team of research, regulatory and manufacturing personnel."
"We now have two complementary platform technologies which allows us to offer a broader portfolio to our customers and bring further clinical benefits to patients," Couldwell added.
The company also said that current trading remains in line with board's expectations.
Shares in Tissue Regenix closed 1.8% lower at 8.10 pence per share on Monday.
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