Last checked at 29 Jun 2010 07:00
Tissue Regenix Group Plc
("Tissue Regenix" or "the Company")
First Day of Dealings
Tissue Regenix, (AIM: TRX) a medical technology company focused onthe development and commercialisation of acellular tissue replacement products toaddress the chronic global shortfalls in donor tissue availability, announces thatit has joined the AIM market of the London Stock Exchange today via a reverse takeoverof Oxeco Plc. This follows the passing on 28 June 2010 of theresolutions relating to Oxeco's acquisition of Tissue Regenix Ltd.
First day dealings on AIM of Ordinary Shares in Tissue Regenix commencetoday at 8 a.m.
Transaction highlights:
· Gross proceedsof the placing of £4.5 million following which the Enlarged Groupwill have net funds of approximately £7.4 million
· Following Admission,the Continuing Board will comprise John Samuel as ExecutiveChairman, Antony Odell as Managing Director, Michael Bretherton as Finance Directorand Alan Miller, Alex Stevenson and Alan Aubrey as Non-Executive Directors
· The EnlargedIssued Share Capital on Admission will be 466,712,800 New Ordinary Shares
About Tissue Regenix
Tissue Regenix uses its proprietary technology platform, dCELL®,to remove cells and other components from human and animal tissue allowing them tobe used without anti-rejection drugs to replace worn out or diseased body parts.
The proceeds of the listing will be used to advance Tissue Regenix'sstrategy of using its core dCELL® Technology as a platform to develop a range ofproducts to deliver solutions to unmet clinical needs, using the established medicaldevice regulatory pathway. The three priority markets for the application of thetechnology are Vascular, Cardiac and Orthopaedics.
Tissue Regenix's lead product is the dCELL® Vascular Patch, intendedto be permanently implanted into the human body for vascular repair. The companyintends to start marketing the dCELL® Vascular Patch in Europe during the secondhalf of 2010. The next product on which Tissue Regenix intends to focus is the dCELL®Meniscus, for the repair of damaged knee meniscus. Tissue Regenix will commit a significantproportion of the new funds towards the further development of the dCELL® Meniscusand the securing of regulatory approval for marketing.
John Samuel, Tissue Regenix's Chairman, said: "The successful completionof this listing in such testing market conditions underlines the strength of ourtechnology and the size of the market opportunity. We now have the capital requiredto use our dCELL® platform to capitalise on the growing global demand for regenerativemedical devices."
The terms used in this announcement have the samemeaning as in the admission document.
Contact
| Antony Odell Tissue Regenix Group plc www.tissueregenix.com
| +44 (0) 20 7099 7266 |
| Sarang Shah ZAI Corporate Finance Ltd
| +44 (0) 20 7060 2220 |
| Ben Atwell / John Dineen Financial Dynamics
| +44 (0)207 831 3113 |