Tissue Regenix Group Regulatory News (TRX)

Tissue Regenix Group Plc

("Tissue Regenix" or "the Company")

Deferred Annual Bonus Award

The Company today announces that an award has been made to Ian Jefferson, Chief Financial Officer and Antony Odell, Chief Executive Officer, pursuant to the terms of the Company's Deferred Annual Bonus Plan. 

Under the terms of the Deferred Annual Bonus Plan, Ian Jefferson waived his entitlement to receive 50% of his annual cash bonus in return for an option over 126,494 ordinary shares of 0.5p each in the Company and Antony Odell waived his entitlement to receive 28% of his annual cash bonus in return for an option over 129,870 ordinary shares of 0.5p each in the Company (the "Deferred Allocation"). The number of shares comprising the Deferred Allocation (i.e. subject to option) was calculated by dividing the amount of cash bonus waived by the closing market value of the ordinary shares of the Company on the dealing day immediately prior to the date of deferral. The Deferred Allocation option is not capable of exercise until the vesting date has been reached, which is three years from the date of the award. By participating in the Deferred Annual Bonus Plan Ian Jefferson and Antony Odell are entitled to receive a matching award at no additional cost (the "Matching Allocation"), being an option over 379,482 and 389,610 ordinary 0.5p shares in the Company respectively. The Matching Allocation is not capable of exercise until the vesting date has been reached, which is three years from the date of award. Additionally, the Matching Allocation is not capable of exercise until the Company's share price has reached the following target prices and remained at those prices for at least 30 consecutive days:

Performance criteria

For Further Information

Tissue Regenix Group Plc: +44 19 0443 5176

Antony Odell

Ian Jefferson

Jefferies International Ltd: +44 20 7029 8000

Simon Hardy

Harry Nicholas

Tulchan Communications: +44 207 353 4200

Tom Buchanan

Victoria Huxster

About Tissue Regenix

Tissue Regenix is a leading medical devices company in the field of regenerative medicine. The company's patented decellularisation ('dCELL®') technology removes DNA and other cellular material from animal and human tissue leaving an acellular tissue scaffold which is not rejected by the patient's body which can then be used to repair diseased or worn out body parts. The potential applications of this process are diverse and address many critical clinical needs such as vascular disease, heart valve replacement and knee repair.

Tissue Regenix was formed in 2006 when it was spun-out from the University of Leeds. The company commercialises academic research conducted by our partners around the World.

In November 2012 Tissue Regenix Group plc set up a subsidiary company in the United States- 'Tissue Regenix Wound Care Inc.', as part of its commercialisation strategy for its dCELL® technology platform.