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LONDON (Alliance News) - Regenerative medical devices firm Tissue Regenix Group PLC on Wednesday said its loss widened in the first half of 2016 due to a step-up in costs, but revenue surged and the company said it was confident on its outlook.
In the half-year, Tissue Regenix secured 510k market clearance from the US Food & Drug Administration for SurgiPure XD, its product used to reinforce soft tissue and for the surgical repair of damaged or ruptured soft tissue.
It also secured further Medicare coverage for its DermaPure treatment for chronic and acute wounds in the first half and said it expects to get European approval for its OrthoPure product in Europe earlier than expected. OrthoPure is a device used for surgical reconstruction of torn anterior cruciate ligaments in the knee.
In the six months to the end of June, revenue rose to GBP631,000 from GBP252,000 a year before, driven by the growth of DermaPure in the US. Due to higher administrative expenses, the pretax loss widened to GBP5.4 million from GBP4.0 million.
"The developing momentum behind our dCELL Technology product portfolio brings us confidence that we will achieve our year end corporate goals. We look forward to reporting our progress in the coming months," said Chief Executive Antony Odell.
Shares in Tissue Regenix were up 1.2% to 18.47 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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