29th Oct 2014 08:34
LONDON (Alliance News) - Tissue Regenix Group PLC Wednesday reported a wider loss for the first half of the year, as administrative expenses were pushed up by development expenditure and establishing commercial operations in the US.
The regenerative medical devices company which uses animal or human tissue to replace damaged or worn out parts of the human body, is in the development stage, and revenue is minimal, meaning its earnings are down to costs.
However, it is on the verge of starting to earn revenue, after starting the commercial roll-out of its DermaPure wond care product in the US, gaining approval for a UK clinical trial on meniscus products, progressing its diabetic foot ulcer trial in the US and increasing its global patent portfolio.
It reported a pretax loss of GBP3.7 million for the six months to July 31, wider than the GBP2.3 million loss it reported a year earlier, as administrative expenses rose to GBP3.8 million, from GBP2.5 million.
Tissue Regenix shares were untraded early Wednesday. The stock last traded at 24.75 pence.
By Steve McGrath; [email protected]; @stevemcgrath1
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