Last checked at 
LONDON (Alliance News) - Tissue Regenix Group PLC Thursday said it plans to raised around GBP20 million via a share placing, funds it said it will use to launch new products and expand the business.
The medical devices company said it intends to raise the funds through an accelerated bookbuilding process aimed at new and existing institutional investors. It said the shares would be placed at 19 pence per share. The company didn't state the number of shares being offered, but its fund-raising goal implies the issuance of 105 million new shares, 16% of its current total.
Tissue Regenix shares were untraded Thursday morning. The stock was last quoted at 19 pence.
"The proceeds of this fund-raising will be used to allow the development and launch of these new products, and to expand the direct salesforce for DermaPure in the US," the company said in a statement.
The company's first product, "DermaPure", which is used in the treatment of chronic wounds, was launched last year. It said sales of DermaPure are building momentum with initial revenue in line with its expectations.
Tissue Regenix said it has new products and applications in development which would give it the potential to address new markets, including knee injury, which it says has "massive potential".
"This fundraising will allow us to achieve these goals," said Chief Executive Antony Odell in the statement.
Jefferies International Ltd will be leading the placing.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
Copyright 2015 Alliance News Limited. All Rights Reserved.
