LONDON (Alliance News) - Tissue Regenix Group PLC said Tuesday it began sales of its DermaPure wound management product produced in Texas after the successful completion of a manufacturing technical transfer deal with its subsidiary CellRight Technologies Ltd.
CellRight can now process the DermaPure products at its San Antonio facility. This expands its manufacturing facility and improve supply chain production efficiency. Tissue Regenix also said it increases DermaPure's shelf life from two to three years.
"We are extremely encouraged by the continued progress integrating CellRight into the Tissue Regenix Group," Tissue Regenix Chief Executive Steve Couldwell said. "Completing the transfer of DermaPure manufacturing to our CellRight facility was achieved, ahead of schedule, and incorporated significant process improvements which is a testament to the CellRight team.
Tissue Regenix acquired CellRight for GBP23.0 million in July 2017.
"This is an important strategic milestone in the group's long-term commercial strategy and I am pleased that the operational synergies are developing as expected," Couldwell added. "As a result we now have greater flexibility to explore new product opportunities to meet patient demand, expanding the markets we operate in with a reduced manufacturing risk profile."
Shares in Tissue Regenix were 12% higher at 11.75 pence on Tuesday.
Tissue Regenix Group (TRX)