Tissue Regenix Group PLC (LON:TRX) saw revenues double in the first half of the year, driven by a strong performance of its GBM-V multi-tissue bank and higher sales of its DermaPure wound treatments.
Total revenues at the medical devices firm grew 118% in the six months ended 30 June to £1.37mln (H1 2016: £631,000).
Revenues up, losses down
The increased revenues helped Tissue to narrow its loss after tax to £4.77mln (H1 2016: £5.16mln).
"We are pleased to be able to report continued revenue growth for Tissue Regenix. Our strategy to grow DermaPure sales in the US drove revenue growth by 118% in the first half of 2017,” said chief executive Antony Odell.
In August, after period end, Tissue raised £40mln from investors, of which £25mln was used to complete the “transformational” acquisition of CellRight Technologies.
READ: TRX confirms US$30mln acquisition of CellRight
Following the fundraise, Tissue currently has just over £20mln in the bank.
“With the cash resources now available, investment into the ongoing commercial development of the group will continue and the board is confident this will deliver increased shareholder value,” Odell added.
Tissue said the initial benefits of its first acquisition are starting to be seen and it is now on the lookout for ways to exploit its resources once again in order to build market share and increase its international presence.
OrthoPure XT in CE approval process
The company also has its soft tissue injury product, dCell OrthoPure XT, which is currently progressing through the CE mark regulatory system which will pave the way for it to be sold in Europe.
Due to changes in the approval process, the launch timeline has been pushed back although Tissue is working closely with the regulatory bodies to “expedite a route to market”.
Tissue shares closed 1.3% higher at 11.4p on Thursday.