12th Oct 2015 08:53
LONDON (Alliance News) - Tissue Regenix Group PLC Monday reported a widened pretax loss for its first half as it continued to invest in the roll-out of its woundcare product DermaPure in the US.
For the half year to end-July the company reported a pretax loss of GBP4.0 million, widened from a pretax loss of GBP3.7 million a year before, mostly as a result of higher administrative costs as it continued to invest in its infrastructure and new product development.
It posted revenue of GBP252,000, up from GBP8,000 a year before, following the launch of its wound treatment DermaPure in the US. Tissue Regenix said that revenue growth continues to speed up as it deploys more direct sales representatives and expands its distributor network.
Elsewhere the company said it has continued development of its orthopaedic business, beginning a trial of its OrthoPure XM meniscus implant product in April. It expects a comprehensive analysis of the results of this trial early next year, and said it is on track to get a CE market for the product in 2016.
Tissue Regenix will begin recruitment for a trial of OrthoPure XT tendon reconstruction product in the latter part of 2015, it said, and expects initial results from this test in the first half of 2016.
"With the important investments that we have made in establishing our new manufacturing facilities and corporate offices, Tissue Regenix now has the infrastructure and capacity to capitalise on the exciting commercial opportunities ahead," said Chief Executive Officer Antony Odell in a statement.
Shares in Tissue Regenix were up 0.5% at 16.70 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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