Last checked at 17 Aug 2020 07:00
Tissue Regenix Group plc
Relocation of UK head office and manufacturing facility
Leeds, UK, 17 August 2020 - Tissue Regenix Group (AIM:TRX) ("Tissue Regenix" or the "Group"), the regenerative medical devices company, announces the relocation of the Company's UK head office and manufacturing facilities to Garforth, Leeds, in November 2020.
The strategic decision to relocate the Company's UK operations from nearby Swillington, Leeds, was made as part of the ongoing overhead cost saving initiatives being implemented by Tissue Regenix and is expected to reduce the Group's overhead spend by over £400,000 on an annualised basis from 2021.
As part of the relocation programme, the Group will outsource elements of the production cycle relating to testing and packaging, but will retain its processing capabilities including the manufacturing of OrthoPure® XT.
Gareth Jones, Interim Chief Executive Officer of Tissue Regenix, commented:
"We remain committed to reducing our overhead cost base to drive us towards a position of break-even. Following a review of our near-term activity, this relocation will allow us to reduce our manufacturing footprint and associated costs, whilst importantly protecting the supply of our products. We also remain within the Leeds and York area to continue to support our local community and retain our valuable employee base. I am pleased we have successfully identified an action plan that addresses these criteria."
For more Information:
Tissue Regenix Group plc Caitlin Pearson, Head of Communications |
Tel: 0330 430 3073 |
Stifel Nicolaus Europe Limited (Nominated Adviser and Broker) Ben Maddison / Alex Price | 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.