11th May 2015 08:34
LONDON (Alliance News) - Tissue Regenix Group PLC Monday posted a widened pretax loss for its recent financial year as it continued to invest heavily in the development of its products, and said its DermaPure wound care product has received approval for US health insurance reimbursement in Ohio and Kentucky.
Tissue Regenix posted a pretax loss of GBP8.2 million for the year to end-January, widened from a pretax loss of GBP6.3 million a year before, due to increased administrative expenses. Operating income was GBP100,000, compared to GBP6,000 a year before.
The company said it is investing in additional products across a range of clinical applications as well as building infrastructure to market its products in the US, and as it is anticipating further losses in the coming year as it continues this investment.
During the year Tissue Regenix launched its first product to the US market, DermaPure.
DermaPure is a skin substitute that works by taking donor skin and removing DNA and cells using the company's dCELL process to leave a natural scaffold that can be placed in the wound and aid natural healing.
It is developing other products using the dCELL process. These are proceeding to human clinical trials, and it expects early revenues in the calendar year 2016.
"I look forward to the coming year with real confidence. DermaPure looks set to repay the considerable financial and intellectual capital investment that has been made in its development, and current progress give us confidence that our pipeline of other products will progress successfully through clinical trials," said Chief Executive Officer Antony Odell in a statement.
The company also said separately that CGS Medicare has approved reimbursement of DermaPure for Ohio and Kentucky under the US national social insurance programme Medicare.
Shares in Tissue Regenix are trading down 0.7% at 20.61 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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