(Alliance News) - Tissue Regenix Group PLC on Thursday said it has signed a 10-year lease agreement to expand the processing capacity at its manufacturing base in San Antonio, Texas.
The agreement also includes the option to purchase the facility at a later date, Tissue Regenix noted.
The regenerative medical devices company said the lease agreement relates to a 21,000 square feet facility, situated on adjacent land to Tissue Regenix's current 13,700 square feet facility. The agreement was signed to meet the growing commercial demand for the company's novel product portfolio.
Tissue Regenix said it plans to convert part of the new building into office, distribution and warehouse space, allowing for additional clean rooms to be built in the original facility, which are expected to be operational by the end of the first half of 2020.
Over time, Tissue Regenix said it is also planned for further processing and packaging clean rooms to be built in the new facility, therefore, increasing the company's ability to process more tissue and produce products.
"I am delighted that we have secured this additional facility to support our ambitious growth plans. The group has undertaken a number of operational initiatives in order to increase production capabilities and meet the growing market demand for our products," explained Interim Chief Executive Gareth Jones.
Tissue Regenix shares were trading 0.1% higher in London at 3.86 pence each on Thursday.
Tissue Regenix Group (TRX)