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I'm confident that the redundancies were because Arthrex are pretty much taking all the tissue that CellRight can process, so what do the sales and marketing staff do now?
Dermapure use ARMS and have a separate bunch of Sales and marketers.
Confident the redundant are the said CellRight S&M staff.
A good distribution agreement saves on staff as well as sells all your product.

From 4/6/2019 RNS - TRX Secures Credit Facilities of up to $20m ie the original loan agreement:

..Steve Couldwell CEO of Tissue Regenix commented: "I am pleased that we have secured access to these credit facilities, which will enable the Company to continue meeting the growing demand for our products. It also allows us to focus on our stated strategy and further invest in the growth of the business as we strive to reach profitability in the near term, whilst limiting dilution for shareholders."

So 6 months ago, previous CEO preferred $20m debt to a placing, thus limiting shareholder dilution.

In August the lease for the new facility was signed.
Since then no progress fitting out new facility for predominantly CellRight processing, and Lease payments being paid.

I expect alternative funding discussions should be finalising shortly, agreement or no agreement.

Little wonder MidCap want TRX to use their own money first before access to draw down.

Youv'e seen this more than once today:
RNS 22.1.2020:
"..It is important to note that until recently this (Gynaechology) market was served by synthetic mesh which has now been largely withdrawn from the market, and where the Company expects to realise significant commercial opportunities."

So the opportunity to replace Mesh with Dermapure now exists, but only if we can produce enough tissue.

But here is news of a new clinical trial:

The investigator is comparing FDA-approved DermaPure with patient's own native tissue for the repair of pelvic organ prolapse.

https://clinicaltrials.gov/ct2/show/study/NCT03939715

on 'Study Detail' tab, find Show detailed description.

Hi chester, I think our partners have been so successful, that to satisfy their demands, we need much bigger facilities than current and proposed future facilities can provide.

We need to start subcontracting much more, particularly on the ARMS medical side, - Dermapure, and it would be better to just license the technology.

RNS 22.1.2020:
"..It is important to note that until recently this (Gynaechology) market was served by synthetic mesh which has now been largely withdrawn from the market, and where the Company expects to realise significant commercial opportunities."
So the opportunity to replace Mesh with Dermapure now exists, but only if we can produce enough tissue.
Perhaps we should subcontract MOST Dermapure production to CTS, to ramp up processing (should donor numbers be sufficient), at least until old facility converted to Dermapure production.

I'm becoming paranoid we will miss this opportunity through dithering about funding.
Something, and it might not be the sp whilst Woodford funds exit, is stopping a decision.

Out of every 100 placings, how many times is the placing price much higher than the prior sp please?

It will be broken some more after Link are out and the TRX rocket blasts through the debris.
Hoping your on board Fred.

..."PJT Partners is helping Link to sell the fund’s unlisted and highly illiquid listed holdings. But some reports suggest that investors will only get back a fraction of their capital once the fund, which has assets worth around £3bn, is wound up."

Another date for 'winding up' illiquid holdings seems to be implied by this, but it should not affect TRX shares.

besharp, don't take it personal, - you know we are all affected to the same extent, and it is stopping TRX management from getting a market value for the sp until this nonsense ends, which in turn delays other important decisions.

Link Fund Solutions, the authorised corporate director for the fund, which is now called LF Equity Income(GB00BZ01L372), said a final valuation of the fund’s assets would take place on 17 January – as originally planned – and that the wind-up would start the next day.

Wind up = selling shares or apportioning proceeds to investors?

Final valuation (of shares you've been selling for weeks?)

I think the latter is closest to the truth.

Hoping this helps - source:
https://www.investorschronicle.co.uk/funds-etfs/2020/01/15/woodford-investors-face-payment-delay/

Neil Woodford’s former flagship fund will start to return capital to investors this month, but the first payment will be later than expected. Link Fund Solutions, the authorised corporate director for the fund, which is now called LF Equity Income(GB00BZ01L372), said a final valuation of the fund’s assets would take place on 17 January – as originally planned – and that the wind-up would start the next day. But the first payment of capital to investors is now expected to be on or around 30 January, rather than around 20 January.

“We intended that investors in the fund would receive their first payment on or around 20 January 2020," said Link. "This date will now be on or around 30 January 2020. This change to the timetable is required to ensure that investors retain exposure to the equity market for the entire period prior to the fund being wound up as required by the regulations. This delay also allows a significant portion of the fund’s holdings in money market instruments to be liquidated in a way that minimises costs to the fund.”

The calculation of the amount investors are due to receive will be made on 24 January rather than 6 January, as originally planned. Link will write to investors in LF Equity Income to inform them how much this will be on 28 January. Link has also outlined other key dates for the fund, as shown in the table below. These include its income payments and the publication of its 2019 annual report.

Link suspended trading of the fund amid elevated redemption requests in June last year, and towards the end of 2019 decided to wind it up and return capital to its investors, rather than attempting to reopen it.

Asset manager BlackRock has been appointed to sell LF Equity Income’s liquid assets, and buy cash funds and FTSE 100 trackers with the proceeds. PJT Partners is helping Link to sell the fund’s unlisted and highly illiquid listed holdings. But some reports suggest that investors will only get back a fraction of their capital once the fund, which has assets worth around £3bn, is wound up.

Followed your link parkez, - found this 1/2 way down; - pure comedy gold :)

Nimesh Shah of Blick Rothenberg replies:
The winding-up of the company is complicated and every shareholder should take their own advice, :)

With so much apparent dissatifaction (inclusion of warrants?) with the MidCap loan agreement, the board need to have a Loan B facility at the ready. It appears that the board are not willing to make up their minds about funding yet, they are still perusing their funding options. Clearly something has to be settled soon.

RNS: 04.06.2019: The Company entered into a warrant instrument with MidCap Funding XXVIII Trust on 3 June 2019

RNS: 15.08.2019: Tissue Regenix Group (AIM:TRX) ("Tissue Regenix" or "The Group"), ..announces that it has signed a 10-year lease agreement on a 21,000 sq. ft. facility to expand processing capacity at its manufacturing base in San Antonio, Texas. The agreement also includes the option to purchase the facility at a later date.

RNS 17 October 2019. Facility expansion
Tissue Regenix has received confirmation of a $0.3m grant from Universal City to support the commencement of the initial phase of the build out programme on the Company's newly leased 21,000 sq.ft. facility in San Antonio. ..This grant will assist and permit the upgrades of utilities and infrastructure serving the new facility.
In a December Proactive interview, grant amount confirmed as $370,000.

RNS: 14.11.2019 Updated loan facility agreement with MidCap announced.

With so much apparent dissatisfaction (inclusion of warrants?) with the MidCap loan agreement, the board need to have a Loan B facility at the ready.

Something has to be settled soon, else the likes or ARMS medical and Arthrex will be complaining that TRX dithering is stopping investment in fitting out the new facility for 'predominantly CellRight' products. Only then can the old facility be converted to produce Dermapure products.

Its not worth ****ing off these partners, and Lease payments are being made (since August) on a facility that is not producing.

Yesterdays RNS stated:
.."as previously announced, the Board is seeking to secure alternative funding in the near future which may or may not be forthcoming."
If it is'nt forthcoming then expect drawdown of the MidCap facility, but facility conversion funds are necessary now.

RNS 22.1.2020:
"..It is important to note that until recently this (Gynaechology) market was served by synthetic mesh which has now been largely withdrawn from the market, and where the Company expects to realise significant commercial opportunities."
So the opportunity to replace Mesh with Dermapure now exists, but only if we can produce enough tissue.
Perhaps we should subcontract MOST Dermapure production to CTS, to ramp up processing (should donor numbers be sufficient), at least until old facility converted to Dermapure production.

Interested in your thoughts gents.

I believe we have a funding issue, ONLY if we don't proceed with MidCap, and that any replacement loan has to be agreed by end of April. No placing I think, as that would have been done before todays RNS. To reduce the attraction for any predator, we might have to drawdown the MidCap loan, or any other preferable loan that is ready to be signed. ie To discourage a predator, the company needs a loan not a placing.From RNS:"As a result of these various initiatives, the average number of orthopaedic donors processed monthly at our San Antonio facility has more than doubled from Q1 to Q4. It is important to note that there is typically at least a three-month lag between increased donor processing and increased product available for sale for our orthopaedic products. Therefore, towards the end of H2 2019 we began to see the first commercial benefits of these improvements." - ie benefits began to show last month. - And what he didn't say was to expect throughput to increase in Q1 and Q2 as these benefits filter through further. "The recruitment of a VP of donor services has delivered an improvement in donor sourcing", and he was recruited in April 2019.From RNS:"In September 2019 we also launched a non-oriented version of the DermaPure product specifically for the urogynaecology market. Initial feedback from surgeons has been very encouraging. It is important to note that until recently this market was served by synthetic mesh which has now been largely withdrawn from the market, and where the Company expects to realise significant commercial opportunities."For Dermapure to take the place of synthetic mesh, we need it to be available in much larger quantities.If CellRight are to use the new facility, then they are planning to process Dermapure in the old.Sorry, I don't see that facility being large enough to supply Dermapure to all the pelvic prolapse operations for the whole of the USA, and to other Dermapure applicationsThe patented process needs to be licensed. - I fervently hope the next announcement concerns licensing to a major tissue supply company. From RNS:"During 2019 we leased a new building adjacent to our existing San Antonio facility which, subject to financing, will enable the building of new clean rooms in order to satisfy anticipated demand from our current customer base and potential future partners. Whilst the Company has made good strides towards addressing its manufacturing capacity constraints, the Board believes that these will not be fully addressed until the Company is able to bring on stream some of the additional facility. The fit out of the first phase of the Facility, planned to begin in 2020, will be primarily for the CellRight product range and is subject to the Company securing the necessary funding."So CellRight predominantly to use new facility after funding agreed, - meanwhile leasing costs of facility being paid wit

I've a new estimate for E) chester:

We payed 30.0M USD for Cellright, but as they're output is considerably higher now because customer base
includes Arthrex.

I'd say $50M (£38.5 M at todays exch rate).

From todays RNS
"As discussed above a number of changes in the headcount were implemented during the year to increase processing throughput and reduce staff costs elsewhere in the business". - To me this means that they have hired staff to develop a second shift, thereby increase processing throughput, and made redundant staff who were not working on production.
Since the signing of the Arthrex distribution agreement, Arthrex must be taking all the Cellright part of the business can process.
If there were any staff involved in sales and marketing for Cellright, it is questionable what they would now be doing.
The Dermapure side has sales teams working independent of ARMS medical, so I don't think they are affected.
My guess is that some of these staff are the ones who said they would not or could not redeploy into other roles, and its taken this long for process to identify that redundancy is the only option for these staff members.

If a loan is drawn down, the company becomes less of a target for a predator.
If a placing is put in place, the sp drops through dilution and loss of positive sentiment, but any predator remains interested.

TRX has to wait for the sp to re-establish after Link are out before any fundamental discussions about loans, placings etc can be properly evaluated. A case of seeing the wood for the tree's.

Parkez, totally agree with your 11:24, any placing would have preceeded this RNS.

Also agree they are waiting for something.
Last saturday I placed on this board a 2 part post titled 'Low Hanging Fruit', in which I thought that licensing of the Dermapure patents was the way forward:
1 to generate Upfront and Recurring licensing fee's.
2 to use licensing of Dermapure to ensure that the present industry standard of synthetic mesh treatment of Pelvic Prolapse, is replaced by the use of Dermapure.

It seems they have bought themselves another month with which to achieve their multiple aims, one of which may be licensing Dermapure.

Lets hope we are right, else its drawdown the MidCap facility and pay Libor +6.5%.
There has to be a better offer somewhere, and it obviously isn't via 2Swell and their jv with Amesto Global, or that would have been agreed by now.

TRX have signed the lease on the new facility and no news on how the development of that is going.
Leasing cost therefore is dead money.

I'm not understanding the excitement of a 5p bid.
If TRX is 'One of those AIM shares that comes along and can transform from 1p to 25p+ in a very short period of time', then 5p is just a milestone.
I'm tempted to place these shares in the bottom draw for 6 months, I doubt they will be worth less when I retrieve them.

Can I get fries with that, - sounds delicious.

Boom123, If the femmes find out a man displayed the ad, your *rse will be hung on the wall beside it within minutes..

ARMS and 2Swell profits are adversely affected by the production bottle necks in Texas.

So it is in both companies best interests to plan and assist in problem solving production issues wherever possible.

It would not surprise me if 2Swell had the job of planning and project managing / subcontracting companies to convert the new facility in San Antonio ASAP.

19.11.2019: www.proactiveinvestors.co.uk/companies/news/904109/tissue-regenix-making-headway-904109.html

I'd like to draw your attention to the text of the above link rather than the video, - which is relevant to this discussion.
It includes quotes from Chairman John Samuel that don't occur in any proactive videos.