TIDMTRX
RNS Number : 4040H
Tissue Regenix Group PLC
19 May 2014
Tissue Regenix Group plc
Unaudited preliminary results for the year ended 31 January
2014
YORK, 19th May 2014 - Tissue Regenix Group plc (AIM:TRX)
("Tissue Regenix" or "the Group"), the regenerative medical devices
company, today announces its unaudited preliminary results for the
year ended 31 January 2014.
Operational Highlights
During the year, the Group has:
-- Achieved significant progress in the implementation of the
Group's commercial roll-out strategy in the US
o Signed a processing agreement with Community Tissue Services
(CTS), one of the largest tissue banks in North America, and worked
together to successfully transfer the Group's patented dCELL(R)
technology for use in the US market
o Signed seven independent regional sales distribution
agreements, providing access to an extensive network of over 40
sales representatives across 25 states
o Strengthening and expansion of the Group's US team, including
strategic appointments in Sales, Marketing, Clinical Affairs and
Operations
o Remains on track to launch its first product, DermaPure(TM),
in to the US market in H1 2014
-- Successfully completed trials of a new treatment for chronic
leg ulcers, in conjunction with NHS Blood and Transplant ('NHSBT'),
in which half of patients involved had their wounds completely
healed
-- 'Soft launch' of DermaPure(TM) in the UK by NHSBT to a
limited number of hospitals with initial positive results from
patients and clinicians
-- Developed the composition of the Board, with the appointment
of Randeep Singh Grewal and Steven Couldwell as Non-Executive
Directors, who both have strong commercial and entrepreneurial
experience in the healthcare sector
-- Appointed Peter Hamer as Business Development Manager of the Group's Orthopaedics division
Financial Highlights
-- Continued strong cash position with a balance of GBP18.5m at the year-end (2013: GBP24.2m)
-- Operating loss for the year of GBP6.6m (2013: GBP4.4m)
reflected the anticipated acceleration of use of cash as the Group
progresses its development programme and pre-clinical and clinical
trials
-- Continued submission of enhanced research and development tax
claims - expected refund for the year is GBP710k.
Antony Odell, Tissue Regenix's Chief Executive Officer,
commented:
"This year, we have continued to invest in our product
development programme and are poised to deliver a scalable
commercial roll-out of products using our dCELL(R) technology. 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."
Enquiries
Tissue Regenix Group plc +44 (0)1904 435 176
Antony Odell, Chief Executive
Officer
Ian Jefferson, Chief Financial
Officer
Jefferies International Ltd. +44 (0)20 7029 8000
Simon Hardy
Harry Nicholas
Newgate Communications +44 (0)20 7680 6550
Andrew Jones
Stephanie Dobbs
About Tissue Regenix
Tissue Regenix is a leading medical devices company in the field
of regenerative medicine. The company's patented decellularisation
('dCELL(R)') technology removes DNA and other cellular material
from animal and human tissue leaving an acellular tissue scaffold
which is not rejected by the patient's body which can then be used
to repair diseased or worn out body parts. The potential
applications of this process are diverse and address many critical
clinical needs such as vascular disease, heart valve replacement
and knee repair.
Tissue Regenix was formed in 2006 when it was spun-out from the
University of Leeds. The company commercialises academic research
conducted by our partners around the World.
In November 2012 Tissue Regenix Group plc set up a subsidiary
company in the United States- 'Tissue Regenix Wound Care Inc.', as
part of its commercialisation strategy for its dCELL(R) technology
platform.
Chairman's Statement
Overview
2013 has been another strong year in the execution of the
Group's commercialisation strategy and a number of important
milestones have been reached to bring our proprietary dCELL(R)
technology to market. We are in a position to launch our first
product of scale, DermaPure(TM), into the US market and our North
American subsidiary, Tissue Regenix Wound Care Inc., has grown
substantially and developed agreements with a number of important
commercial partners.
Health Economics
Regenerative medicine holds the promise of permanent repair to
the body, which for a population that is living longer, must be a
key consideration. As a result of this, coupled with the challenges
of today's constrained health budgets, we have decided to engage
with a leading health economic consultancy to begin to develop the
case for using our constructs and our growing body of current and
future clinical data. We foresee this work highlighting the
tangible social and economic benefits of using our dCELL(R)
technology platform.
The Board
We implemented the planned changes to the composition of the
Company's Board during the year, with the appointment of Randeep
Singh Grewal and Steven Couldwell as Non-Executive Directors. Both
bring extensive commercial and entrepreneurial experience in the
healthcare sector and they have already made invaluable
contributions to the Group at this important stage in our
development. We made a decision to progress the composition of the
Board to ensure that it has the most appropriate skill set to
complement the executive management team and help guide the
commercialisation of Tissue Regenix's products. I would also like
to take the opportunity to thank our previous Non-Executive
Directors who have made an immeasurable contribution in helping the
Company reach this stage in its development.
Shareholders
We have been delighted by the uptake from new significant
shareholders that joined our register during the year, reflecting
the institutional appetite to access the opportunities that our
dCELL(R) platform provides, particularly as we move from
development to commercialisation. Share price growth over the
period was particularly pleasing and is indicative of a wider
appreciation of the depth and value of the current and future
promise of our pipeline of products.
Outlook
This year we have made significant progress in taking our
animal-based development pipeline in woundcare and orthopaedic
products towards commercial launch. Furthermore, we have built a
strong team in the US that is capable of taking our products to
market and capitalising on the full market opportunity that our
decellularised human tissue products can address. We identified the
opportunity for this product area to generate revenue within a
shorter timescale, and DermaPure(TM) represents the first to be
fully commercialised, with its launch still expected to take place
in the first half of 2014.
Regenerative medicine holds great future promise for the long
term treatment of many medical problems. We are close to delivering
the first of our products to market in a format that makes adoption
by clinicians and hospitals simple and economically attractive.
At Tissue Regenix we have always aimed to become a world leader
in regenerative medicine, and we will continue to develop new local
relationships around the world to deliver our pipeline to market,
as we accelerate into the first phase of our commercial expansion.
Alongside this, our development programmes are maturing as they
enter the clinical stage as a precursor to regulatory approval. We
remain excited about the prospects for the Group in 2014.
John Samuel
Chairman
19 May 2014
Chief Executive's Review
Overview
This year, Tissue Regenix laid the foundations for the
successful commercialisation of the dCELL(R) platform. We
maintained the strong momentum generated in 2012 and have
progressed the development and application of our dCELL(R)
technology into scalable products which have the potential for
distribution into key markets across the world. In particular, our
strategy for the development of a significant US human tissue
business began to be implemented. We now have the partnerships in
place to deliver a pipeline of products to large existing markets
and even in some cases, to meet significant unmet clinical needs in
the world's largest healthcare market.
Financial Review
Tissue Regenix continues to hold a strong cash position with a
balance of GBP18.5m at the year-end (2013: GBP24.2m). As we have
previously stated, we had anticipated that our cash utilisation
would accelerate over coming years, as we continue to fund our
development programme and progress through pre-clinical and
clinical trials. The increase in our operating loss to GBP6.6m
(2013: GBP4.4m) reflects this acceleration, which is in line with
our expectations, and the necessary investment that has been
required to progress the development of our US business to its
current status, as it approaches commercial roll-out.
The Group continues to manage its cash resources to maximise
interest income whilst at the same time minimising any risk to
these funds. A balance of working capital and short to medium term
deposits are maintained.
The Group continues to submit enhanced research and development
tax claims and elects to exchange tax losses for a cash refund. The
refund expected for the year to 31 January 2014 is GBP710k.
Product Development Pipeline
Our proprietary platform technology, dCELL(R), is protected by a
library of patents. It is used to decellularise human or animal
donor tissue to create biological scaffolds that are then implanted
into patients to replace diseased or damaged parts of their body.
These scaffolds in vivo appear to induce regeneration through
natural healing mechanisms including the recruitment of stem cells
but, because they are inert when implanted, they are classified as
medical devices. This means they are required to follow a
regulatory pathway that is typically faster and less costly than,
for example, a pharmaceutical product.
Commercial stage in the US
Since establishing our US operation in late 2012, we have
achieved a great deal in a short space of time. We have made
significant strides in the delivery of our commercialisation
strategy, with the imminent launch of DermaPure(TM), our human
decellularised dermis product for chronic wounds. During the past
year, we have achieved a number of important milestones
including:
-- We have extended and strengthened our US team, including
making strategic appointments in Sales, Marketing, Clinical Affairs
and Operations. All of these appointments have brought extensive
industry expertise and knowledge to their respective roles.
-- In June 2013, we signed a processing agreement with Community
Tissue Services (CTS), one of the largest tissue banks in North
America, distributing over 230,000 grafts for transplant
annually.
-- From the signing of the processing agreement, we have been
working with CTS towards the successful transfer of our patented
dCELL(R) technology for use in the US market.
-- In October, we signed seven independent regional sales
distribution agreements, providing us with access to over 40 sales
representatives that will actively promote DermaPure(TM) into acute
care hospitals, Veteran Affairs (VA) Hospitals and institutions, as
well as Long Term Acute Care hospitals (LTACs) across a total of 25
states. This provides us with significant initial channels to
market and enables us to roll out our sales strategy. Going
forward, our aim is to sign further distribution agreements to
enable us to have a sales presence in all major metropolitan areas
within the US by the end of 2014.
The strategy we have pursued during the year of collaborating
with prominent industry partners has allowed us to be effective in
setting up operations in new geographies, as well as gaining access
to local industry knowledge and potential customers. The US
represents a significant market opportunity for our products, with
for example 6.5 million US patients afflicted by chronic wounds at
present. We are now in the position to target the existing $1.4bn
market for wound healing devices and equipment in the US, which is
anticipated to reach $1.5bn by 2016.
Business Developments
Advanced Wound Care
In May 2013, Tissue Regenix announced that more than half of
patients involved in the first trial of a new treatment for chronic
leg ulcers at University Hospital South Manchester had their wounds
completely healed. The trials, conducted by NHS Blood and
Transplant ('NHSBT'), demonstrated that the patients who had tough
chronic wounds (defined as clinically unresponsive to healing for
three months) who were treated with Tissue Regenix's DermaPure(TM),
have seen an 87% reduction in the size of all wounds, while 60% of
patients were completely healed with virtually no recurrences. In
October, these results were published in the peer reviewed journal
- Wound Repair and Regeneration. The clinical trial report
concluded that: "we have demonstrated that DCD (decellularised
dermis- DermaPure(TM)) and its application process safely promoted
wound healing in treatment-resistant chronic lower limb
ulceration."
In January 2014, NHSBT 'soft launched' dCELL(R) Human Dermis
(DermaPure(TM)) to a limited number of hospitals with initial
results showing a very positive response from patients and
clinicians.
As part of our plans to commercialise our advanced wound care
product in the US, we are planning a multicentre clinical
investigation in North America involving c.60 patients to establish
the wound healing performance of DermaPure(TM) in diabetic foot
ulcers to support marketing activity.
As part of preparation for this US trial of DermaPure(TM), we
have been speaking with key opinion leaders across the country and
discussing the data from the UK clinical trial and have received
positive feedback.
Orthopaedic
We have continued to invest in and develop Tissue Regenix's
Orthopaedic market presence, including the appointment in May 2013
of Peter Hamer as Business Development Manager, as we progress
towards commercialisation of our first product.
The EU safety study for CE mark is looking to recruit 60
patients in clinics in the UK, Netherlands and Poland. We are
looking to commercialise the product for the treatment of knee
injuries, a potentially significant market due to the 1.5 million
meniscal tears treated every year in the US and EU.
Other Business Areas
Positive clinical data from the 1000+ dCELL(R) Human Heart
Valves implanted in Brazil was presented in 2013 by Professor da
Costa at two major cardiology conferences. This data continues to
demonstrate the superiority of decellularised valves over
conventional cryopreserved ones and we are in discussions with
selected tissue banks in the EU and Asia/Pacific about making these
available to clinicians who are keen to use them to help their
patients.
Looking Ahead
Commercialisation
Creating a firm foundation for our future commercial strategy
has been the focus of 2013 and we have delivered this on many
levels, both operationally and strategically. Our new partners in
the US - CTS in Dayton, Ohio and the strong Tissue Regenix team we
have established in San Antonio, Texas are clear evidence that we
are a nimble, responsive company with a compelling message that can
attract a high calibre of organisations and individuals, who share
our vision of Tissue Regenix as a global leader in the regenerative
medicine arena. Adding commercial strength to our Orthopaedic
portfolio by recruiting Peter Hamer is also an important indicator
of our global ambitions in this substantial market and the steady
progress of our first animal tissue products towards
commercialisation.
Human Tissue Strategy
The partnership with CTS and our on-going discussions with other
tissue banks has opened up the opportunity to deliver dCELL(TM)
products much more rapidly into key markets like the US. The use of
room temperature human tissue constructs using the dCELL(TM)
process has the potential to transform the way certain types of
human tissue are used, since it removes the need for freezing or
cryopreservation - a substantial cost associated with tissue
banking. Importantly, it also simplifies use within the hospital
environment.
Overall
During the first half of 2014, Tissue Regenix is poised to
launch its first product in the US, the world's largest healthcare
market, and the team looks forward to continuing to progress the
commercialisation of our unique technology.
Antony Odell
Chief Executive Officer
19 May 2014
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2014
2014 2013
GBP000 GBP000
------------------------------------------- -------- --------
OPERATING INCOME 6 49
Administrative expenses (6,583) (4,461)
OPERATING LOSS (6,577) (4,412)
Finance income 274 440
------------------------------------------- -------- --------
LOSS BEFORE TAXATION (6,303) (3,972)
Taxation 710 474
------------------------------------------- -------- --------
LOSS AFTER TAX ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT (5,593) (3,498)
OTHER COMPREHENSIVE INCOME:
Foreign currency translation differences
- foreign operations 3
------------------------------------------- -------- --------
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR (5,590) (3,498)
LOSS PER SHARE
Basic and diluted on loss from continuing
operations (0.88)p (0.55)p
There are no items of other comprehensive income. The loss for
the period arises from the Group's continuing operations.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR TO 31 JANUARY 2014
Reserve Share
Reverse For Based Retained
Share Share Merger Acquisition Own Payment Earnings
Capital Premium Reserve Reserve Shares Reserve Deficit Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 31 January
2012 3,262 31,965 10,884 (7,148) (831) 454 (10,707) 27,879
--------------------- --------- --------- --------- ------------- -------- --------- ---------- --------
Loss and total
comprehensive
expense for the
year - - - - - - (3,498) (3,498)
Issue of shares 2 1 - - - - - 3
Share based payment
expense - - - - - 82 - 82
At 31 January
2013 3,264 31,966 10,884 (7,148) (831) 536 (14,205) 24,466
--------------------- --------- --------- --------- ------------- -------- --------- ---------- --------
Loss for the year - - - - - - (5,593) (5,593)
Other comprehensive
expense - - - - - - 3 3
--------------------- --------- --------- --------- ------------- -------- --------- ---------- --------
Total comprehensive
expense for the
year - - - - - - (5,590) (5,590)
Exercise of share
options 3 5 - - - - - 8
Share based payment
expense - - - - - 94 - 94
--------------------- --------- --------- --------- ------------- -------- --------- ---------- --------
At 31 January
2014 3,267 31,971 10,884 (7,148) (831) 630 (19,795) 18,978
--------------------- --------- --------- --------- ------------- -------- --------- ---------- --------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2014
2014 2013
GBP000 GBP000
------------------------------- --------- ---------
ASSETS
Non-current assets
Property, plant and equipment 472 238
------------------------------- --------- ---------
TOTAL NON-CURRENT ASSETS 472 238
------------------------------- --------- ---------
Current assets
Trade and other receivables 1,127 707
Cash and cash equivalents 18,483 24,206
------------------------------- --------- ---------
TOTAL CURRENT ASSETS 19,610 24,913
------------------------------- --------- ---------
TOTAL ASSETS 20,082 25,151
------------------------------- --------- ---------
LIABILITIES
Current liabilities
Trade and other payables (1,104) (685)
TOTAL LIABILITIES (1,104) (685)
------------------------------- --------- ---------
NET ASSETS 18,978 24,466
------------------------------- --------- ---------
EQUITY
Share capital 3,267 3,264
Share premium 31,971 31,966
Merger reserve 10,884 10,884
Reverse acquisition reserve (7,148) (7,148)
Reserve for own shares (831) (831)
Share based payment reserve 630 536
Retained earnings deficit (19,795) (14,205)
------------------------------- --------- ---------
TOTAL EQUITY 18,978 24,466
------------------------------- --------- ---------
Approved by the Board and authorised for issue on 19 May
2014
John Samuel (Chairman) Ian Jefferson (Chief Financial Officer)
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2014
2014 2013
GBP000 GBP000
---------------------------------------------------- -------- --------
Operating activities
Operating loss (6,577) (4,412)
Adjustment for non-cash items:
Depreciation of property, plant and equipment 124 74
Share based payment 94 82
Tax refunded 474 239
Operating cash outflow (5,885) (4,017)
---------------------------------------------------- -------- --------
(Increase)/decrease in trade and other receivables (184) (122)
Increase in trade and other payables 422 36
---------------------------------------------------- -------- --------
Net cash outflow from operations (5,647) (4,103)
---------------------------------------------------- -------- --------
INVESTING ACTIVITIES
Interest received 274 440
Purchases of property, plant and equipment (358) (155)
---------------------------------------------------- -------- --------
Net cash outflow from investing activities (84) 285
---------------------------------------------------- -------- --------
FINANCING ACTIVITIES
Proceeds from issue of share capital 8 3
Net cash inflow from financing activities 8 3
---------------------------------------------------- -------- --------
Decrease in cash and cash equivalents (5,723) (3,815)
Cash and cash equivalents at start of year 24,206 28,021
CASH AND CASH EQUIVALENTS AT END OF YEAR 18,483 24,206
---------------------------------------------------- -------- --------
The Company's annual report and accounts for the year ended 31
January 2014 have been published today and will be posted to
shareholders shortly. The annual report and accounts are also
available in electronic form for download on the Company's website,
www.tissueregenix.com.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2014
1. Basis of preparation
The preliminary results of the year ended 31 January 2014 have
been extracted from audited accounts which have not yet been
delivered to the Registrar of Companies. The Financial Statements
set out in this announcement do not constitute statutory accounts
for the year ended 31 January 2014. The report of the auditors on
the statutory accounts for the year ended 31 January 2014 was
unqualified and did not contain a statement under Section 498 of
the Companies Act 2006. The Financial Statements for the year ended
31 January 2014 included in this announcement were authorised for
issue in accordance with a resolution of the Board of Directors on
19 May 2014.
The Company is a limited liability company incorporated and
domiciled in England & Wales and whose shares are quoted on
AIM, a market operated by The London Stock Exchange.
2. Significant accounting policies
The Group's financial statements have been prepared in
accordance with International Financial Reporting Standards
("IFRS") as adopted by the European Union as they apply to the
financial statements of the Group for the year ended 31 January
2014 and applied in accordance with the Companies Act 2006.
The accounting policies adopted are consistent with those
followed in the preparation of the audited financial statements of
Tissue Regenix Group Plc for the year ended 31 January 2014 and are
disclosed in those statements.
3. Segmental reporting
At 31 January 2014, the Group operated in one business segment,
that of the development and commercialisation of innovative
platform technologies in the field of tissue engineering and
regenerative medicine.
The Group operates in two geographic sectors, the UK and the
USA. A split of the expenses and assets is included below:
31 January 2014
UK USA Total
GBP'000 GBP'000 GBP'000
------------------ --------- --------- ---------
Operating Loss * (6,577) - (6,577)
------------------ --------- --------- ---------
*Expenses of GBP952k incurred in USA recharged to UK parent
31 January 2013
UK USA Total
GBP'000 GBP'000 GBP'000
---------------- --------- --------- ---------
Operating Loss (4,372) (40) (4,412)
---------------- --------- --------- ---------
31 January 2014
UK USA Total
GBP'000 GBP'000 GBP'000
------------- --------- --------- ---------
Assets 19,861 221 20,082
------------- --------- --------- ---------
Liabilities (846) (258) (1,104)
------------- --------- --------- ---------
31 January 2013
UK USA Total
GBP'000 GBP'000 GBP'000
------------- --------- --------- ---------
Assets 25,151 - 25,151
------------- --------- --------- ---------
Liabilities (645) (40) (685)
------------- --------- --------- ---------
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 31 JANUARY 2014
4. Taxation
Year to Year to
31 January 2014 31 January 2013
GBP000 GBP000
---------------------------------------------------------- ---------------- ------------------
Current tax:
UK corporation tax credit on losses of year (710) (474)
---------------------------------------------------------- ---------------- ------------------
(710) (474)
Deferred tax:
Origination and reversal of temporary timing differences - -
---------------------------------------------------------- ---------------- ------------------
Tax credit on loss on ordinary activities (710) (474)
---------------------------------------------------------- ---------------- ------------------
The Group has accumulated losses available to carry forward
against future trading profits of GBP10,226k (2013: GBP6,850k). No
deferred tax asset has been recognised in respect of tax losses as
their recoverability is uncertain. The unrecognised deferred tax
asset would equate to GBP2,045k (2013: GBP1,370k).
5. Loss per share (basic and diluted)
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the parent by the weighted
average number of ordinary shares in issue during the year
excluding own shares held jointly by the Tissue Regenix Employee
Benefit Trust and certain employees. Diluted loss per share is
calculated by adjusting the weighted average number of ordinary
shares in issue during the year to assume conversion of all
dilutive potential ordinary shares.
Year to 31
Year to 31 January 2014 January 2013
GBP000 GBP000
----------------------------------------------------------------------- ------------------------ --------------
Total loss attributable to the equity holders of the parent (5,593) (3,498)
----------------------------------------------------------------------- ------------------------ --------------
No. No.
Weighted average number of ordinary shares in issue during the period 635,574,603 635,276,123
----------------------------------------------------------------------- ------------------------ --------------
Loss per share
Basic and diluted on loss for the period (0.88)p (0.55)p
----------------------------------------------------------------------- ------------------------ --------------
The Company has issued employee options over 20,356,143 ordinary
shares and there are 16,940,386 jointly owned shares which are
potentially dilutive. There is however, no dilutive effect of these
issued options as there is a loss for each of the years
concerned.
6. Share Capital
Reverse acquisition
Share capital Share premium Merger reserve reserve Total
Number GBP000 GBP000 GBP000 GBP000 GBP000
---------------------- ------------ -------------- -------------- --------------- ---------------------- -------
Total Ordinary shares
of 0.5 p each as at
31 January 2012 652,380,047 3,262 31,965 10,884 (7,148) 38,963
---------------------- ------------ -------------- -------------- --------------- ---------------------- -------
Share options
exercised 444,972 2 1 - - 3
Total Ordinary shares
of 0.5p each as at
31 January 2013 652,825,019 3,264 31,966 10,884 (7,148) 38,966
---------------------- ------------ -------------- -------------- --------------- ---------------------- -------
Share options
exercised 662,338 3 5 - - 8
Total Ordinary shares
of 0.5p each as at
31 January 2014 653,487,357 3,267 31,971 10,884 (7,148) 38,974
---------------------- ------------ -------------- -------------- --------------- ---------------------- -------
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 31 JANUARY 2014
7. Movement in retained earnings and reserve for own shares
Retained Earnings Deficit Reserve For Own Shares
GBP000 GBP000
-------------------------- -----------------------
At 31 January 2012 (10,707) (831)
-------------------- -------------------------- -----------------------
Loss for the year (3,498) -
-------------------- -------------------------- -----------------------
At 31 January 2013 (14,205) (831)
-------------------- -------------------------- -----------------------
Loss for the year (5,593) -
Exchange movement 3 -
-------------------- -------------------------- -----------------------
At 31 January 2014 (19,795) (831)
-------------------- -------------------------- -----------------------
8. Annual report and accounts
The Company's annual report and accounts for the year ended 31
January 2014 have been published today and will be posted to
shareholders shortly. The annual report and accounts are also
available in electronic form for download on the Company's website,
www.tissueregenix.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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