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LONDON (Alliance News) - Tissue Regenix Group PLC on Monday said its loss widened in its financial year to the end of January after administrative expenses rose, but the regenerative medical devices company said it had made "significant progress" in commercialisation and regulatory pathways during the year.
Tissue Regenix Group posted a pretax loss of GBP10.2 million, widened from GBP8.3 million a year earlier, despite revenue rising to GBP816,000 from GBP100,000, almost entirely generated by its Wound Care division.
The widening of loss, therefore, was due to administrative expenses rising to GBP10.9 million from GBP8.4 million a year earlier, with the greatest increase within the administrative expenses being sales and marketing costs which increased to GBP3.7 million from GBP1.8 million.
This came from its Wound Care division, in which the recently-ended financial year represented the first full year of sales of its DermaPure product in the US. Tissue Regenix had recruited additional direct sales heads during the year, as well as boosted marketing costs to support the roll out of the product, it said.
Both the OrthoPure XM and OrthoPuyre XT both entered regulatory clinical trials for CE marks during the year, Tissue Regenix added, noting that it also received Food & Drug Administration approval for its SurgiPure XD product.
"Throughout the year we undertook a staged move to a new facility in Leeds and we anticipate that the consolidation of our managerial and manufacturing functions will bring further improvement to our corporate efficiency," Tissue Regenix added.
The group said it expects to deliver full year results in line with its expectations.
"During the year to January 31, Tissue Regenix made significant progress both in the commercialisation and regulatory pathways across all of our key focus areas," said Chief Executive Antony Odell.
"The performance of DermaPure in its first commercialised year exceeded our expectations and gives us confidence as we move forward with a number of line extensions in different clinical applications. Our momentum has accelerated since year end, with further Medicare coverage for DermaPure," Odell added.
Shares in Tissue Regenix were down 2.8% at 17.50 pence on Monday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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