8th Oct 2013 10:16
LONDON (Alliance News) - Tissue Regenix Group PLC Tuesday said that it had continued to make progress with its commercialisation strategy in the half year ended July 31 as it widened pretax losses.
The company posted pretax losses of GBP2.3 million, widened from a pretax loss of GBP1.9 million in the previous year due to increased head count and investment to push forward its dCELL products. The company posted revenues of GBP3,000, up from GBP2,000 in the previous year as a result of operating as one business segment, developing and commercialising platform technologies in tissue engineering and regenerative medicine.
Tissue Regenix uses animal and human tissue to replace damaged or worn parts of the body. It is working towards taking its dCELL technology platform to market, the technology is for decellularisation, a processed tissue treatment to discharge cells often used to create bioartifical organs. The company said that it had made significant headway with its subsidiary in the US, Tissue Regenix Wound Care Incorporated, and said that it had signed a processing agreement with tissue bank Community Tissue Services in June. This agreement will allow its dCELL technology to be applied to CTS supplied tissues to produce human biological scaffolds.
The company said it expects its cash resources to fund its development programmes, and expects cash utilisation to increase over the coming years as its programmes progress to pre-clinical and clinical trials.
Shares in Tissue Regenix were trading down 1.3% at 9.75 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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