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LONDON (Alliance News) - Medical devices company Tissue Regenix Group PLC Thursday said it has raised GBP20 million via a share placing and will use the proceeds to launch new products and expand the business.
The company issued 105.2 million shares at 19 pence per share, about 14% of its enlarged capital. Shares in the company were down 1.8% to 19.15 pence on Thursday.
"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.
Jefferies International Ltd lead the deal.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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