19th May 2014 14:05
LONDON (Alliance News) - Regenerative medical devices company Tissue Regenix Group PLC said Monday its losses widened in its recent full year, but said it is on course to launch its chronic wound healing treatment DermaPure in the US.
The company posted a pretax loss of GBP6.3 million for the year ended January 31, compared with a GBP4.0 million loss a year earlier. Operating losses increased to GBP6.6 million from a GBP4.4 million loss in the corresponding period, reflecting an "anticipated acceleration of use of cash as the group progresses its development programme and pre-clinical and clinical trials."
Tissue Regenix is yet to record revenue.
The firm said it had a strong cash position with a balance of GBP18.4 million at the period-end, down slightly from GBP42.2 million a year earlier.
Looking ahead the firm said it hopes to launch DermaPure in the first half of 2014 in the US.
"We have made a lot of progress in a relatively short space of time, particularly in the US, where we are now in a strong position to capitalise on opportunities in what is the world's largest healthcare market," Chief Executive Antony Odell said in a statement.
Tissue shares were quoted up 3.0% at 25.22 pence Monday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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