Tissue Regenix Group PLC (LON:TRX) has said it continues to work on a funding deal, which it hopes to conclude in the “near future” and added that it was “encouraged by a number of ongoing discussions with potential investors”.
However, it also cautioned that there could be no guarantee its efforts would be successful.
The regenerative medicines specialist said its cash runway takes it to at least the end of the second week of May, having implemented control measures.
The group's update also provided an assessment of the impact of coronavirus (COVID-19) on its business.
The company said it had implemented UK and US government-led policies to safeguard workers.
Currently, its San Antonio facility is operational “with no material impact on processing”.
It added that a change in medical priorities had led to a slight decline in the number of elective procedures undertaken, which has been most evident in uro-gynaecology.
However, demand for the Tissue Regenix’s BioRinse sterilisation portfolio continued to exceed capacity.
“Consequently, the Company currently has not experienced any material reduction in net revenues versus expectations,” it added.