Last checked at 18 Mar 2021 07:00
Tissue Regenix Group plc
("Tissue Regenix" or "the Group")
Initial phase of new US facility expansion complete
Increase of the Company's manufacturing footprint in 21,000 sq. ft facility
Leeds, 18 March 2021 - Tissue Regenix (AIM: TRX), the regenerative medical devices company, announces the completion of the initial phase of its expansion plan at the Company's San Antonio Texas facility. As previously disclosed, the Company had secured a ten-year lease on a 21,000 sq. ft facility adjacent to its existing facility to address manufacturing capacity constraints.
The initial part of Phase one of the expansion project, which has now been completed, comprised of relocating facilities designated for distribution and frozen tissue storage, both of which had outgrown their existing space in the San Antonio facility. The new freezer facility triples the Company's current storage capacity allowing Tissue Regenix to hold more donor tissue onsite. The new distribution area enables the Company to integrate distribution and finished goods into a more efficient operating space.
Work has also started on the development of two additional clean rooms at the existing San Antonio facility, which will bring the total number of clean rooms to seven, as well as the expansion space for supporting departments. These developments, which will complete Phase one of the expansion project, are scheduled for completion during H1 2021.
Daniel Lee, Chief Executive Officer, of Tissue Regenix Group plc said: "The addition of our new facility, adjacent to our original site, is welcome as it provides the Group the opportunity to grow with added flexibility. Our choice to do this in phases was advantageous by enabling us to be efficient with our capital and plan our expansion in line with the challenges our industry has faced with the COVID-19 pandemic. We are confident that demand exists to justify these capacity expansions and are looking forward to updating shareholders as the expansion project progresses."
For more Information:
Tissue Regenix Group plc David Cocke, Chief Financial Officer | www.tissueregenix.com Via Walbrook PR |
Stifel Nicolaus Europe Limited (Nominated Adviser and Broker) Ben Maddison / Alex Price | Tel: +44(0)20 7710 7600
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Walbrook PR Ltd Alice Woodings / Lianne Cawthorne / Paul McManus | Tel: +44 (0)20 7933 8780 TissueRegenix@walbrookpr.com |
About Tissue Regenix (www.tissueregenix.com)
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 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 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 soft tissue scaffolds that enhance healing opportunities of defects created by trauma and disease. CellRight's human osteobiologics may be used in spine, trauma, general orthopaedic, foot & ankle, dental, and sports medicine surgical procedures.