Last checked at 3 Jun 2011 10:02
Tissue Regenix Group plc ("the Company")
Chairman's AGM Statement
YORK, 03 June, 2011 - At the Company's AGM held on 2 June 2011 John Samuel, the Company's Chairman, made the following statement to shareholders.
I am pleased to report that the Company has made significant progress in the last twelve months.
In August 2010 we obtained a CE mark for our first product, the vascular patch and we are now beginning to commercialise it within Europe. As we announced in May 2011 clinical results continue to be very promising and we are planning to extend both its applications and the countries in which it can be marketed.
In addition to other vascular applications we are also making good progress with products in areas such as orthopaedics and dermal. Of particular interest is the progress we have made in developing our dCELL® heart valve. Over 140 patients have benefitted from being implanted with the human donor dCELL® heart valve and the clinical results are most encouraging.
As part of the deal with our partners in Brazil we also announced an agreement which will allow us to take advantage of their world-class facilities to accelerate development of products using our proprietary technology and at lower cost. This is a further example of our strategy of working with our development partners to minimize cost and lower risk.
In the year to 31 January 2011 we recorded a loss after tax of £5.4m of which £3.7m is a deemed non cash loss arising from the reverse acquisition by which we were admitted to AIM in June 2010. Excluding that cost, the after tax loss was £1.7m. Net assets increased to £6.2m (2010: £1.3m) and cash balances were £5.9m (2010: £1.1m).
Our goal is to build a global leader in the field of regenerative medicine and in the past year we have made impressive progress. Although it will take time to exploit the potential of our product pipeline we are confident that we can do so successfully.
John Samuel
Executive Chairman
2 June 2011
- ENDS -
Enquiries:
Financial Dynamics | |
Ben Atwell / John Dineen | +44 (0) 20 7831 3113 |
Peel Hunt LLP (Nominated Adviser) | |
James Steel / Vijay Barathan | +44 (0) 20 7418 8900 |
About Tissue Regenix
Tissue Regenix, the RegenMed Company, was incorporated in May 2006 to commercialise the academic research of Professor Eileen Ingham and Professor John Fisher from the University of Leeds in the field of tissue decellularisation. Its dCELL® Technology comprises a patented process which removes cells and other components from human and animal tissue allowing it to be used without anti-rejection drugs to replace worn out or diseased body parts.
About dCELL® Technology
The process comprised within the dCELL® Technology involves the production of biological scaffolds created by taking a piece of human or animal tissue that is equivalent to the diseased or damaged body part which is being replaced, treating such tissue with a series of gentle chemical washes and then sterilising it. The end product is a scaffold which can be stored under normal conditions at room temperature like any synthetic medical device and, when it is implanted into the body, it repopulates with the patient's own cells using natural biological repair mechanisms.
Tissue Regenix's strategy is to continue to use its core dCELL® Technology as a platform to develop a range of products using the established medical device regulatory pathway to deliver solutions to unmet clinical needs. The three priority markets for the application of the technology are: Vascular (e.g. Vascular Patches); Cardiac (e.g. Heart Valves); and Orthopaedics (e.g. Meniscus).