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Tissue Regenix says sales and earnings in-line; looking for additional sources of funding

The regenerative medicines specialist said it has £2.4mln of cash, including a £1mln revolving credit facility. This, it added, was enough to see it through to “at least the end of April”

Tissue Regenix Group PLC -

Tissue Regenix PLC (LON:TRX) said it expects to report sales and earnings (EBITDA) in line with revised expectations as it re-confirmed it is looking for sources of additional finance for the regenerative medicines business.

Revenues for the year gone rose 12% to £13mln, the company said in a comprehensive trading update, which also revealed it had £2.4mln of cash, including a £1mln revolving credit facility. This, Tissue Regenix said, was enough to see it through to “at least the end of April”.

The headwinds facing the company have been well flagged. In September it said it had been held back by “limited availability of donor material together with poorer yields, which impacted second-half product availability and sales performance”.

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A restructuring has seen a reduction in headcount by 18, while investment in plant facilities has increased both throughput and utilisation.

Talks with potential funders of business are continuing, Tissue Regenix confirmed.

Chairman John Samuel said: "During 2019, the company has faced various operational challenges. However, we have increased utilisation and throughput of our US facility to meet the expected increase in demand for our products.

“Through both organic growth and collaboration with strategic partners, we remain confident in our ability to reach profitability, once our new facility becomes available."

Quick facts: Tissue Regenix Group PLC

Price: 0.625 GBX

AIM:TRX
Market: AIM
Market Cap: £7.32 m
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