Tissue Regenix Group PLC US regional distribution agreement signed (1571M)
May 05 2015 - 2:02AM
UK Regulatory
TIDMTRX
RNS Number : 1571M
Tissue Regenix Group PLC
05 May 2015
Tissue Regenix Group plc
US regional distribution agreement signed
YORK, 5 May 2015 - Tissue Regenix Group plc (AIM:TRX) ("Tissue
Regenix" or "the Group"), the regenerative medical devices company,
announces that TRX Wound Care Inc. has signed a new regional
distribution contract for DermaPure(R) which is used in the
treatment of chronic and acute wounds.
There has been substantial commercial interest in Dermapure(R)
since Tissue Regenix received notice of Local Coverage
Determination (LCD) from Novitas, as announced on 5 March 2015 and
effective from 9 April 2015. Novitas is a Medicare Administrative
Contractor covering US states representing 8.9 million Medicare
beneficiaries and is responsible for product coverage and
reimbursement. Novitas is the largest of the eight reimbursement
groups covering Medicare and Medicaid reimbursement claims in the
US.
This major new contract has been signed with an experienced
surgical and wound care distribution network; the contract covers 2
of the 12 states that comprise the region covered by the Novitas
reimbursement LCD notice and represents approximately 11% of the
Medicare patients addressed by the notice. The contract is expected
to be worth a minimum of $600k over the next 12 months and provides
for additional areas to be covered by mutual agreement.
Building on the increasing clinical awareness of the outstanding
results being achieved in the US by Dermapure(R), Tissue Regenix is
also continuing to deploy its direct sales representatives as part
of its 'hybrid' distribution strategy of both direct and indirect
sales representation.
Antony Odell, CEO of Tissue Regenix, commented:
"Our US team has done an outstanding job in achieving commercial
traction for DermaPure(R) and signing this regional distribution
agreement. This agreement validates the hard work put in since the
launch of DermaPure(R) in June 2014, as well as the remarkable
clinical results that we are seeing from the product."
ENDS
For Further Information
Tissue Regenix Group Plc: +44 19 0443 5176
Antony Odell
Ian Jefferson
Jefferies International Ltd: +44 20 7029 8000
Simon Hardy
Harry Nicholas
Tulchan Communications: +44 207 353 4200
Tom Buchanan
Victoria Huxster
Matt Low
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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