Tissue Regenix Group PLC (AIM:TRX) has warned it needs to secure fresh funding this month to stay in business after discovering a cash shortfall and a backlog of unpaid creditors.
The medical devices company, whose shares are currently suspended from trading on London’s AIM market, said it has “very limited cash balances” and would be unable to continue operating without an immediate injection of capital.
The new senior leadership team, which took charge following the announcement in October of plans to restate its 2024 revenue figures, said it had been reviewing the company’s finances, including its adjusted earnings for the first half of 2025 and overall cash position.
That deep dive found that the business was in a far weaker state than previously thought, prompting what the company called an “urgent need to raise capital by the end of November”.
Tissue Regenix said it is in talks with its major shareholders and has received “clear indications of support” for a proposed £5m fundraise through a convertible loan note, a form of financing that can later be converted into shares.
Any such deal would require shareholder approval.
The company develops regenerative medical devices used in tissue repair and wound care. Its shares were suspended from trading last month after the discovery of errors in previously reported revenues.