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LONDON (Alliance News) - Tissue Regenix Group PLC on Thursday said it has obtained additional coverage for its DermaPure wound treatment product with a US group purchasing organisation.
Shares in the regenerative medicine company were up 6.4% at 7.05 pence on Thursday.
This deal expands coverage of DermaPure into another 1,500 US hospitals. The name of the GPO has not been disclosed. Tissue Regenix already has contracts with Premier Inc and Vizient Inc, which it names as the "two largest GPOs in the US".
With the new agreement, DermaPure is now available in 95% of institutions in the US that make purchases through large GPO networks.
The additional coverage also opens up access to another 32,500 alternative care providers, mostly in the south eastern US. This includes Florida, which is the second largest state in terms of biological tissue product use.
DermaPure is made from the skin of human cadavers. The skin is then processed so that up to 99% of DNA is removed and the skin is turned into a biological scaffold. This scaffold is applied to a wound, which stimulates the patient's own cells to grow into the scaffold and heal the wound.
Tissue Regenix Interim Chief Operating Officer Gareth Jones said: "Another successful approval from a GPO reflects the positive changes we made to our commercial sales strategy where we realigned our efforts to drive adoption directly in the hospital space. This recent approval will provide a more regional focus across the US landscape, furthering our US market penetration efforts."