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LONDON (Alliance News) - Tissue Regenix Group PLC on Monday said its loss narrowed in the first half of 2018 as revenue multiplied following the acquisition of CellRight Technologies Ltd.
Shares in Tisue Regenix were trading 7.1% higher on Monday at 9.38 pence each.
The regenerative medical devices company said pretax loss narrowed to GBP4.8 million in the six months to June 30 from GBP5.4 million reported for the same period a year earlier, as revenue jumped to GBP5.6 million from GBP1.3 million.
Tissue Regenix said the result reflects the successful integration of the US-based regenerative medicine developer CellRight, which the company acquired in July last year for GBP23.0 million.
The company booked a GBP267,000 charge in respect of the amortisation of the intangible assets recognised on the acquisition of CellRight.
In April, CellRight completed a technical transfer deal to start manufacture its DermaPure wound management product at San Antonio facility in Texas, which has improved supply chain production efficiency.
As a result, DermaPure sales grew by 73% to GBP1.5 million from GBP900,000 the year prior. In addition to that, CellRight also contributed GBP3.2 million revenue under orthopaedics and dental segments.
Looking ahead, the company said demand for its products continues to increase and it is now reviewing the capacity capabilities to ensure that it can scale the business to meet the future production requirements.
"We have carried our positive momentum into the second half of the year," said Chairman John Samuel.
"Growth at the beginning of the second half of the year remains encouraging and with further strategic and commercial opportunities expected throughout the remainder of the year we expect this momentum to continue," added Samuel.
