Last checked at 24 Jul 2020 07:00
Tissue Regenix Group plc
Commencement of facility expansion plan
Leeds, 24 July 2020 - Tissue Regenix Group (AIM:TRX) ("Tissue Regenix" or the "Group"), the regenerative medical devices company, announces that following the recent completion of its successful fundraising, the Company has commenced the first phase of its planned manufacturing capacity expansion programme in San Antonio, TX, which represents a key element of the Group's commercial development plan.
The expansion programme will be split into several phases. The first phase is expected to take approximately six months to complete and will include the development of operational capabilities in the new 21,000sq.ft building to house freezers and distribution functions that will free up space for additional sterile packaging clean rooms to be built in the existing facility. The Board is also evaluating the possibility of combining some elements of the later phases into this initial work in order to minimise future potential disruption and the overall costs associated with the expansion programme.
Demand for the Group's products, in particular the BioRinse orthopaedic product portfolio, continues to grow and the first phase will allow for an uplift of approximately 50 percent to the Group's current BioRinse processing capacity.
Gareth Jones, Interim Chief Executive Officer of Tissue Regenix Group, commented:
"I am delighted to confirm the commencement of the first phase of our investment and expansion plan. Not only do we expect this investment to provide the additional capacity required to efficiently scale our business and drive further commercial growth, it will also increase the number of patients who can benefit from our broadening product portfolio."
For more Information:
Tissue Regenix Group plc Caitlin Pearson, Head of Communications |
Tel: 0330 430 3073 |
Stifel Nicolaus Europe Limited (Nominated Adviser and Broker) Alex Price / Ben Maddison | Tel: 0207 710 7600
|
FTI Consulting Simon Conway / 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.