TSL.L Regulatory News (TSL)

15 Nov 2006 12:39

Tissue Science Laboratories PLC15 November 2006 For immediate release 15 November 2006 Tissue Science Laboratories PLC ("TSL" or the "Company") Tissue Science Laboratories EGM approves £2.8 million Placing Tissue Laboratories plc (AIM: TSL), the medical technology company specialisingin biologic tissue replacement and repair products, announces that at theExtraordinary General Meeting ("EGM") of the Company held earlier today, allresolutions put to shareholders were duly passed. Accordingly, authority hasbeen granted to the Directors to allot shares, and to disapply pre-emptionrights on the allotment of shares, pursuant to the Placing announced on 23October 2006 ("Placing"). The Company has raised £2.8 million, gross ofexpenses, in the Placing in response to feedback from investors that they wouldlike to provide the Company with additional working capital headroom, tocontinue the development and expansion of the business. The 5,090,910 new Ordinary Shares of 10 pence each in the Company to be issuedin the Placing at a price of 55 pence per share are expected to be admitted totrading on AIM tomorrow, 16 November 2006. Following admission of the newOrdinary Shares to trading on AIM, there will be 34,601,657 Ordinary Shares inthe Company in issue. Full details of the Placing are set out in the shareholder circular published on23 October 2006. -Ends- Enquiries: Tissue Science Laboratories Plc 01252 369603Martin Hunt, Chief Executive David Jennings, Finance Director Nomura Code Securities LimitedJuliet Thompson 0207 7761204Clare Terlouw 0207 7761205 Hogarth Partnership Limited 0207 357 9477James Longfield Sarah Richardson Notes to Editors Background on TSL Founded in 1995, with headquarters in Aldershot, Hampshire, TSL is a medicaltechnology company specialising in tissue repair and replacement with aproprietary sheet product, derived from porcine dermis, called Permacol(R)(R).TSL has launched successfully different formulations of the product and built adevelopment pipeline that addresses the large and fast growing surgical implantmarket. The Company floated in November 2001 and is listed on AIM (AIM: TSL).TSL has a family of products based on the same core technology. Each product hasbeen adapted to make it suitable for use in different applications, includingurology/gynaecology, complex and recurrent hernia repair, shoulder rotator cuffrepair and head and face repair and reconstruction. The Company has signeddistribution agreements with CR Bard Inc (urology/gynaecology-worldwide), ZimmerInc (orthopaedic-worldwide) and Porex Surgical Inc (head & face-US and Canada).Further variations of the sheet and injectable forms of Permacol(R)(R) are beingdeveloped. Background on Permacol(R)(R) Permacol(R)(R) was developed at Dundee and Cambridge Universities over a 20-yeartime period. The key to the Permacol(R)(R) concept lies in it collagentechnology which uses non-reconstituted porcine dermal collagen, very similar instructure to human tissue. Non-collagenous material, except elastin, is removedby the TSL manufacturing process. The remaining collagen, which retains itsoriginal 3-D structural architecture, is stabilised by a patented cross-linkingprocess. The result is a non-reconstituted, non-allergenic, collagen implantwhich is resistant to biodegradation, is recognised and accepted by the body,and is able to provide a long-term support for the in-growth of new tissue andits associated blood supply. This information is provided by RNS The company news service from the London Stock Exchange