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chester

I hear what you say, but currently can find no other investment which is as compelling as this.

As we are just above the lowest sp value ever, the only conclusion I can make is that sp must rise as TR1's may be published soon, confirming the seller is done.

That said, you are 100% correct.

I do not now how to value a license agreement, but I hope to hear of some soon!

chester
Good attempt to put a value against products and IP.

I think you have E) undervalued though.

We payed 30.0M USD for Cellright, but as they're output is considerably higher now because customer base
now includes Arthrex, I'd say $50M (£38M).

If your going to top up consider doing it sooner rather than later.
I'm all in.

@ ShearClass
You've posted twice on this board in the last 30 days according to your posting history,
so I'm guessing your interest in TRX is recent.
You are quoting stuff from RNS's that if you had performed more research, you would already know what others thought about the issues you have selected.

I would suggest you read the 2017 / 18 annual reports (which contain a hell of a lot of must know information) and all the RNS's for the last 2 years.
But start here on LSE TRX BB, and a couple of weeks worth of TRX posts before crossing swords with other posters.
Lets hope you are an investor, before anyone wastes time discussing all things TRX with the uninvested.
I post the results of any research I do, always stating the source of information discovered - particularly dates, - so I'm suggesting my posting history might aid your research.

Looking forward to hearing your views when your up to speed.

TRX can try to assure that the use of Dermapure becomes the Gynaechology industry standard, by licencing the processing of human tissue to interested parties, which will attract upfront and ongoing fees. This will bring the day TRX breaks even MUCH closer by maximising the value of the patents, and I'm starting to wonder why this has not yet happened.

CellRight, which produces industry leading verified osteobiologics for use in orthopaedic, spine and foot and ankle procedures, enhances the healing opportunities of defects caused by trauma and disease.

The signing of a long-term, multi-year distribution agreement with Arthrex Inc., a premier innovator of orthopaedic surgical solutions, takes the value of the $30 Million acquisition to a much higher level.
Arthrex are a very large private company distributing products globaly.

I Watched the last interview with Gareth Jones in December, and towards the end he emphasises that it is the pressure to produce enough product to satisfy demand for bone tissue that is pressing.

That is why I believe TRX is low hanging fruit, and the sooner the sp is much higher the better for us all.

I feel gutted for investors in Woodford's funds, (I thought seriously about investing in one), but can only hope they get an opportunity to reinvest cheaply, but it won't be as cheap as our opportunity.

Lets hope we hear about licensing soon, and hang on to those shares! GLA.

I believe that TRX has become low hanging fruit for a large company takeover if I am right about the following.

In the 1970's & 80's, there was a standoff for market dominance between three formats of video tape, - Phillips 2000, Betamax and the winner VHS. The losers were consigned to history.

In the same way in Gynaechology, I believe Dermapure will become the default best practice allograft to use because Gynaechologists only want to see the patient on the operating table once, for the sake of the patient, and the cost to the hospitals and medical insurance companies of doing the same thing twice.

The following quotes are from *.armsmedical.com/surgeons

"I have implanted DermaPure allograft in more than 225 pelvic floor procedures and have had zero complications.
In comparison, it’s not unusual for other biologics to cause an initial immune reaction or demonstrate poor healing."
— Nathan L. Guerette, M.D., FACOG, FAAFP, FPMRS

"In instances such as Stage III prolapse, a biologic implant like DermaPure allograft is needed to improve the quality of the patient’s native tissue.
In my experience, women presenting with Stage III prolapse have attenuated tissue. If they only receive a native tissue repair, they typically will develop a reoccurrence."
— Manish Patel, M.D, RPh, FACS, FPMRS

The latter quote seems to indicate DermaPure is preferrable to native tissue!

The ARMS medical website contains images of wounds and post surgery skin grafts, and the speed of patient recovery astonishes everyone. If the Dermapure allograft becomes the default product to use in Gynaechology, it will add much value to the decision to purchase TRX shares at or around 1 penny each.

I am not expecting any more distributor agreements because TRX's growing pains are most accute in using the Intellectual property rights of both technologies to process tissue.
Processing soft tissue is being done in house, but the success of ARMS medical in introducing surgeons to the medical and financial benefits of Dermapure use, is forcing TRX to outsource Dermapure production to Community Tissue Services (CTS), and we won't be able to maximise profits until we are no longer contracting for their services.
That can't happen until the new San Antonio facility is running, and TRX has recruited and trained more staff.

Parkez, - Loving your researching starter for 10.

Please everyone remember to add the source of the material, so we all know where it came from.
Else everyone's gonna say 'you just made that up'. This is particularly true of part of an interview.

Woody ,

Below is the path of some interesting research on TRX partner ARMS medical and its CEO Michel Koopman.

++++
https://www. is the prefix to be used whenever * is encountered below.
This stops website addresses being removed as part of uploading my post to this bulletin board.
++++

*armsmedical.com/what-we-do

Suggest you look 1/2 way down this page at -
Michel Koopman CEO

...Today, in addition to his leadership role at ARMS Medical, he advises entrepreneurial companies on go-to-market and growth strategies as the founder of 2Swell.

*** There are many links of interest at the bottom of this web page to do with ARMS medical and Tissue Regenix. ***

Now go to 23:58 post yesterday.

Woody, I don't try.
If I copy and paste an internet address, it is likely the address is removed as part of the uplink process, so try this:

At start of post place:
++++
https://www. is the prefix to be used whenever * is encountered below.
This stops website addresses being removed as part of uploading my post to this bulletin board.
++++

Then post *.everything else
Hope this does it for you.

Well try a post generated last night at 23:56, - there is quite a bit about 2Swell and ARMS medical in there.
If anyone is 'mentoring' TRX toward profitability ASAP, its these two.

2Swell are actively assisting TRX to bring products to market in USA Gynaecology market via ARMS medical as part of the partnership.

See ADV*N TRX post 5301

Recall late last night some of us were in discussion with poster 'Sharebe' posting for the first time?
Well a number of us responded, generating lots of interest, and today by mid-morning his posts have been removed.

I e-mailed lse to ask why, as I did not know what rules had been infringed - none last night as it turned out.
Response:
"The initial post was made by a member who'd been previously permanently banned so their posts were removed and any replies were also removed within that same topic."

In the same way that the market was pegged at 0.95 - 1.05 for weeks, now the majority have gone, they are trying to get the Woodford fund members a better deal, and are now selling into any rise at 1.5p.
I might be wrong, but not currently expecting sp to move far from present level today.

OGM4 - From the 2018 TRX annual report (published 04.06.2019) page 22:

.."In the US, we transferred the processing of DermaPure® in-house, allowing for end to end
control of the manufacturing process, product quality and product mix. As demand for the
products increased we sourced additional capacity and reduced our manufacturing risk
by engaging with Community Tissue Services (CTS) to assist with processing efficiency, donor
yield and supplementary supply.
Additionally, we commenced a second shift within the San Antonio facility to increase the
output of BioRinse™ (bone) products.
This will allow us to meet the increased demand driven by the throughput of our partnership agreements
in the short term whilst we explore options to increase manufacturing capacity."

Note the above quote states that the new second shift was working on BioRinse products, so that's what the new recruits have been trained to produce. Also, I recall in the interview at the end of December, Gareth Jones stated that Biorinse (Bone) products where in great demand.
So the company has been very successful through partnerships and sales teams in introducing Biorinse and Dermapure to medical customers. So successful that it looks to me like the original plant has no where near enough capacity, and that CTS margins are what TRX needs to ensure are as low as possible.
CTS were the company providing Dermapure to TRX before production was moved in-house, according to a Proactive interview with a previous CEO.
I think the Q4 figures will show a record amount of Dermapure shipped, but profits reduced by paying CTS for their services. TRX needs to build further capacity into both old and new processing plants ASAP.

chester

"Has the increase in manufacturing and the pulling of double shifts resulted in a marked increase in sales turnover during the final quarter of 2019".

Bearing in mind that we have trouble satisfying all the orders we have for either Bone or Skin tissue:

The Interim report stated
"To satisfy growing demand we have reinstated the processing agreement with Community Tissue Services (CTS) for the production of DermaPure® in order to increase capacity and have received the first products under this agreement".

Community Tissue Services was producing Dermapure for TRX prior to production transfer to the CellRight facility.
CTS is a large concern, and provided there is no shortage of human tissue, I expect them to keep pace with TRX orders.

The Interim report also stated:

"Operations and Management

Daniel Lee, appointed as President of US Operations in January 2019, has initially focused on developing the manufacturing capabilities and re-alignment of our supply chain processes at the San Antonio facility, with the introduction of a second shift, and in March 2019 the hiring of a Head of Donor Services."

So we hope to keep up with TRX customer orders, and because we have a Head of Donor Services, I assume we have no shortage of Human Tissue, - but what we have to pay CTS for their services is unknown, but it won't be long before we know what kind of margin has been retained, and what MidCap's thoughts are on the numbers.

Is it any wonder the last CFO resigned after only 2 months?

@ Truth Searcher,
I think the light bulb is glowing now, but as I have just finished addressing your 13:34 post, I hope you don't mind me posting anyway.

"I thought it meant debt for equity swap or fund raising via issue of new share or bonds"

Investopedia explanation of 'Recapitalization' -
"Recapitalization is basically the strategy a company uses to improve its financial stability or overhaul its financial structure.
In order to accomplish this, the company must change its debt to equity ratio.
This is done by adding more debt or more equity to its capital."

In yesterdays post I was referring to the above explanation, and felt that TRX were swapping equity for debt.

In effect, - and at MidCap's discretion - a drawdown can take place of the agreed loan, after a reduction of TRX capital has occured.
So TRX are useing their cash balance for working capital in Q1 2020, and drawdown will be available at end of Q1.
TRX equity falls, and a loan is drawn down, - swapping equity for debt, and making TRX less attractive as a takeover target, but providing the funds for the reasons stated in a 04.06.2019 RNS, namely -
"Use of Proceeds

The initial net proceeds of the Facilities and any further funding drawn down in due course, will be used to invest in additional capital expenditure to sustain future business growth, generate further clinical and health economic real world data to support brand differentiation within dCELL and BioRinse, and for general corporate and working capital purposes."

IF, - IF I am right, there are no financial issues, or necessity for a placing with consequent dilution.
I intend to seek confirmation from Gareth Jones, - as he is responsible for the content of each RNS. Will advise any response.

For everyone looking for past information with which to base an investment, a 23.07.2018 Trinity Delta report:
.trinitydelta.org/research-notes/creating-the-right-conditions-for-future-growth/
with the usual prefix.
However, the report contains the following valuation:

"..a valuation of £245m, or 20.9p per share.
We value the Biosurgery business at £128m and the Orthopaedics division (including CellRight) at £126m."

I think there may have been a typo with this report.
Assuming there is no mistake with the 2* business valuations, 128m + 126m = £254 million, not £245 million.

Taking into account issued shares = 1,171,730,823 as at date of report publication,
sp = 254,000,000 / 1,171,730,823 shares in issue = 21.68 pence / share.

18 months on, and we have agreed, - but mostly not drawn down - a $20m loan.
Even so, I think the valuations would be larger now.

Just my $0.02

Morning all expectant TRX investors!

I used to think that TRX was headed for a finance issue at the end of Q1 2020, and would need to sell my investment beforehand, but I now think differently.

I'd like to post something that I posted recently, because the weekend brings time for discussion.
This issue may affect when you decide to sell your investment, because you might be expecting a placing with consequent dilution.

+++

Here's what I posted on 07.01.2020:

From 14.11.2019 RNS:

TRX calculated previously that they were about to breach loan covenants.

The RNS contained the agreed changes to the MidCap loan arrangement.

Drawdown of the first tranche of the loan had occurred in June, and the TRX cash balance as at 31 October 2019 was $9.3M.

On 14th Nov, TRX agreed an immediate repayment of $5.5 million of the outstanding Term Loan.

Subsequent to this repayment, TRX stated they had enough cash to see them to the end of Q1 2020.

I believe the statement in the 14.11.19 RNS that has investors concerned about funding, - or lack of it is:

"however the drawdown of these tranches is now subject to MidCap's discretion and satisfactory recapitalisation of the Company at that time."

I now think that as part of the new agreement, MidCap required TRX to spend their own money before any drawdown under the new loan agreement, and that is all that is meant by "drawdown at MidCap's discretion, and satisfactory recapitalisation".
Satisfactory recapitalisation meaning that MidCap wanted to see TRX cash balance fall before next drawdown, - thus achieving MidCap's required recapitalisation of the Company.

If this is the case, TRX are due to drawdown the next loan tranche near the end of Q1, and there is no finance issues beyond that.

ie I think a poor choice of sentence construction has caused concern for investors unnecessarily.

+++

I think that the above interpretation of the 14.11.2019 RNS means that company finances will be fine once TRX cash runs out at end of Q1, because the loan announcement in a 04.06.2019 RNS stated:
"Use of Proceeds

The initial net proceeds of the Facilities and any further funding drawn down in due course, will be used to invest in additional capital expenditure to sustain future business growth, generate further clinical and health economic real world data to support brand differentiation within dCELL and BioRinse, and for general corporate and working capital purposes."

However, if you don't think the above interpretation is likely, I'd love to know why please.

Chester,

An unaudited trading update for the year ended 31 December 2018 was issued 04.02.2019, - so I'm thinking first week in Feb.

Interim report stated "To satisfy growing demand we have
reinstated the processing agreement with Community Tissue Services (CTS) for the production of
DermaPure® in order to increase capacity and have received the first products under this agreement".

Community Tissue Services is who was producing Dermapure prior to production transfer to CellRight facility, so I am hoping CTS product will satisfy at least some of the orders, but they will be paying CTS for their services.

dvharrison, -
Just to put into perspective the present mcap of £13M, the article I quoted in the 10:03 a.m. post dated 23.07.2018, valued the company at £245m.
The authors - Trinity Delta - valued the Biosurgery business at £128m and the Orthopaedics division - including CellRight - at £126m.
We have made a lot of progress toward break even since then.