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(Sharecast News) - Regenerative medical devices company Tissue Regenix Group has signed a 10-year lease agreement on a 21,000 square foot facility, it announced on Thursday, to expand processing capacity at its manufacturing base in San Antonio, Texas.
The AIM-traded firm said the agreement also included the option to purchase the facility at a later date.
It said the new facility, on land adjacent to its current 13,700 square foot facility, would be brought on stream in a phased plan to meet growing commercial demand for its product portfolio.
The first phase would commence immediately, with part of the new building being converted into office, distribution and warehouse space, allowing for additional clean rooms to be built in the original facility, which were expected to be operational by the end of the first half of 2020.
Over time, it planned for further processing and packaging clean rooms to be built in the new facility, therefore increasing its ability to process more tissue and produce products.
The new facility underpinned the firm's strategy of building strategic partnerships, accelerating United States market penetration and pursuing geographic expansion opportunities, the board explained.
"I am delighted that we have secured this additional facility to support our ambitious growth plans," said Tissue Regenix interim chief executive officer Gareth Jones.
"The group has undertaken a number of operational initiatives in order to increase production capabilities and meet the growing market demand for our products.
"Having commenced a second shift at the beginning of the year in our current facility in San Antonio, the phased build out of this new facility will allow us to meet the growing requirements of our customers well into the future."
11 May 2015 08:34