Last checked at 15 Aug 2019 07:00
Tissue Regenix Group plc
Additional manufacturing capacity secured as part of expansion strategy
Leeds, 15 August 2019 - Tissue Regenix Group (AIM:TRX) ("Tissue Regenix" or "The Group"), the regenerative medical devices company, 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.
The new facility, situated on adjacent land to the Group's current 13,700 sq. ft. facility, will be brought on stream in a phased plan to meet the growing commercial demand for the Company's novel product portfolio. Phase one will commence immediately with part of the new building being converted 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 H1 2020.
Over time, it is 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. The new facility underpins the Company's strategy of building strategic partnerships, accelerating US market penetration and pursuing geographic expansion opportunities.
Gareth Jones, Interim CEO of Tissue Regenix Group, commented:
"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. Having commenced a second shift at the beginning of the year in our current facility in San Antonio, the phased build out of this new facility will allow us to meet the growing requirements of our customers well into the future."
For more Information:
Tissue Regenix Group plc Caitlin Pearson, Head of Communications | Tel: 0330 430 3073 / 07920272441 |
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Stifel Nicolaus Europe Limited (Nominated Adviser and Broker) Jonathan Senior / Alex Price / Ben Maddison | Tel: 0207 710 7600
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FTI Consulting Brett Pollard / Victoria Foster Mitchell / Mary Whittow | Tel: 0203 727 1000 |
About Tissue Regenix
Tissue Regenix is a leading medical devices company in the field of regenerative medicine. Tissue Regenix was formed in 2006 when it was spun-out from the University of Leeds, UK. The company's patented decellularisation ('dCELL®') technology removes DNA and other cellular material from animal and human soft tissue leaving an acellular tissue scaffold which is not rejected by the patient's body and can then be used to repair diseased or worn out body parts. Current applications address many critical clinical needs such as sports medicine, heart valve replacement and wound care.
In November 2012 Tissue Regenix Group plc set up a subsidiary company in the United States - 'Tissue Regenix Wound Care Inc.', January 2016 saw the establishment of joint venture GBM-V, a multi- tissue bank based in Rostock, Germany.
In August 2017 Tissue Regenix acquired CellRight Technologies®, a biotech company that specializes in regenerative medicine and is dedicated to the development of innovative osteoinductive and wound care scaffolds that enhance healing opportunities of defects created by trauma and disease. CellRight's human osteobiologics may be used in spine, trauma, general orthopedic, foot & ankle, dental, and sports medicine surgical procedures.