5th Jun 2020 12:29
(Alliance News) - Tissue Regenix Group PLC on Friday posted a narrowed loss for 2019, but expressed uncertainty in its outlook as delays caused by the coronavirus pandemic may hurt its business.
Shares in the regenerative medicine company were trading 1.8% higher at 0.41 pence each on Friday in London.
For 2019, Tissue Regenix posted revenue of GBP13.0 million, up 12% from GBP11.6 million reported for 2018. Its pretax loss narrowed to GBP7.7 million from GBP8.9 million. Administrative expenses were GBP13.2 million, down from GBP14.6 million with the decrease credited to a GBP268,000 reduction in research and development and sales and marketing costs to GBP1.4 million.
Turning to 2020, the Leeds-based company said that revenue in the first quarter rose 18% year-on-year.
Looking ahead, Interim Chair Jonathan Glenn said: "The Covid-19 pandemic has affected most businesses during the first half of 2020. A number of elective surgical procedures that utilise our products have been postponed and there remains ongoing uncertainty around level and duration of the disruption from the pandemic and therefore, the time it will take to perform any delayed surgical procedures thereafter. However, the group has continued to work closely with partners and distributors during this time and we remain confident that, once appropriate, we are well-positioned to service the demand for our products and address these clinical requirements".
In a separate statement, Tissue Regenix said it has raised GBP620,000 from the subscription of 248 million shares in total by members of its board at 0.25p each.
Interim Chair Jonathan Glenn subscribed for 40 million shares taking his stake to 0.6%. Interim Chief Executive Gareth Jones subscribed for 24 million shares, taking his stake to 0.3%. Non-Executive Directors Randeep Grewal and Alan Miller, subscribed for 90 million shares and 116.9 million shares respectively, taking their stakes to 1.3% and 1.7%.
By Ife Taiwo; [email protected]
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