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LONDON (Alliance News) - Medical devices firm Tissue Regenix Group PLC said Tuesday its loss narrowed in 2018, after revenue more than doubled on significant growth in product sales.
In a separate announcement, Tissue Regenix said it entered agreements with MidCap Financial Trust to access a revolving credit facility and a term loan facility worth up to USD20 million in total.
Shares in Tissue Regenix were 11% higher at 6.29 pence on Tuesday.
Proceeds from the bank facilities will go towards investment in additional capital expenditure, as well as to generate further clinical and real world data to support the brands of dCELL and BioRinse.
The term loan facility consists of USD15.0 million secured over a term of five years, while the revolving facility comprises USD3.0 million, with a potential further USD2.0 million.
The term loan will become available in three tranches upon certain conditions being met, with tranche one immediately available, tranche two to be drawn between February and April 2020, and tranche three between February and April 2021.
Looking at Tissue Regenix's annual results, its pretax loss was USD8.9 million in 2018, narrowed from USD10.8 million in 2017. Revenue more than doubled to USD11.6 million from USD5.2 million.
Revenue growth was attributed to increased sales in dCELL product DermaPure by 75% due to a new partnership and due to market expansion, as well as a 31% rise in BioRinse product sales and a 62% increase in sales from Tissue Regenix's German joint venture GBM-v.
In 2019 to date, Tissue Regenix has been trading in line with management expectations, the company said. It expects the year to be significantly weighted towards the second half due to an increase in supply across the BioSurgery and Orthopaedics divisions in the second quarter.
"2018 was an extremely successful year for the group, as we continued to expand the attractiveness of our product portfolio with both clinicians and procurement professionals," Chief Executive Officer Steve Couldwell said.
"We have continued to develop our commercial partnerships and have a strong pipeline of both new product launches and product line extensions, which are expected in the near term. We remain committed to optimising operations and have introduced new shift patterns to meet increasing demand. We are optimistic these benefits will continue into the future," Couldwell added.
