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Tissue Regenix eyes European market

Published: 09:08 23 May 2016 BST

Pictured is an X-ray of  a knee
Tissue's technology can be used to repair worn out body parts

Regenerative medtech specialist Tissue Regenix Group PLC (LON:TRX) is eyeing a busy year ahead as it expects to bring its dCell technology to the European market within the coming year.

The firm reported increased revenue and an increased balance sheet in the year to end January, 2016.

The firm's technology removes cellular material from animal and human tissue leaving a 'scaffold' which can then be used to repair diseased or worn out body parts.

Chief executive Antony Odell told investors: "During the year to January, 31, Tissue made significant progress both in the commercialisation and regulatory pathways across all of our key focus areas."

Its woundcare product DermaPure surpassed $1mln of sales in the US, exceeding the group's expectations.

The group's orthopaedic clinical trials are currently ongoing, for both the OrthoPure XM and XT (porcine products), and it anticipate that it will have CE mark (for European commercialisation) approval by early 2017.

"We have also strengthened our senior management team by appointing a VP of Orthopedics for North America, who will be key to guiding our entry into this market over the coming years with both our porcine products and human tissue applications," it said.

The group highlighted its joint venture in Germany, GBM-V, allowing it to bring the dCELL human tissue applications to a wider European market.

"Also, allowing us to grant for the first time the dCELL heart valve licence and to begin commercialising DermaPure outside the US," said the chief executive.

"Our momentum has accelerated since year end, with further Medicare coverage for DermaPure, and 510(k) market clearance from the FDA for medical device SurgiPure XD, the first approval for a dCELL application under this regulatory body."

Revenue in the year gone grew to £0.8mln from £0.1mln the year before, while the cash balance at year end stood at £19.9mln (£10.3mln).

The loss after tax for the year was £9.5mln (2015: £7.6mln) as expected, reflecting the progression of EU clinical trials, and growing commercial infrastructure in the US.

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