Tissue Regenix Group PLC Update in relation to loan facility (8839S)
November 11 2019 - 2:00AM
UK Regulatory
TIDMTRX
RNS Number : 8839S
Tissue Regenix Group PLC
11 November 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Tissue Regenix Group plc
Update in relation to loan facility provided by MidCap
Leeds, 11 November 2019 - Tissue Regenix Group (AIM: TRX)
("Tissue Regenix", or the "Company"), the regenerative medical
devices company, announces an update in respect of the loan
facilities provided by MidCap Financial Trust ("MidCap Financial"),
further details of which are contained in the Company's
announcement on 4 June 2019.
The terms of the loan credit facility entered into with MidCap
Financial for a term loan (the "Term Loan") and revolving credit
facility (the "RCF") include certain financial covenants which are
tested periodically. One of these covenants is a trailing 12 month
revenue test which is scheduled to be tested as at 31 October 2019
no later than the end of November 2019. Based on the data available
to the Company the Board are of the view that the Company will fail
this covenant test. On that basis, the Board has proactively
engaged with MidCap Financial in respect of this potential breach
and is currently in discussion in relation to the consequences of
this. These discussions are progressing well and the Board is
optimistic of being able to agree a solution with MidCap
Financial.
As at 8 November, being the last practicable date ahead of the
announcement, the Company had drawn down $7.5 million of the Term
Loan and $0.6 million of the RCF. The Company's cash balance as at
31 October 2019 was $9.3 million.
Further announcements will be made at the appropriate time.
For more Information:
Tissue Regenix Group plc Tel: 0330 430 3073
Caitlin Pearson Head of Communications / 07920272 441
--------------------------------------------- -------------------
Stifel Nicolaus Europe Limited (Nominated Tel: 0207 710 7600
Adviser and Broker)
Jonathan Senior / Alex Price / Ben Maddison
--------------------------------------------- -------------------
FTI Consulting Tel: 0203 727 1000
Brett Pollard / Victoria Foster Mitchell
/ Mary Whittow
============================================= ===================
The person responsible for the release of this announcement is
John Samuel, Executive Chairman.
About Tissue Regenix
Tissue Regenix is a leading medical devices company in the field
of regenerative medicine. Tissue Regenix was formed in 2006 when it
was spun-out from the University of Leeds, UK. The company's
patented decellularisation ('dCELL(R) ') technology removes DNA and
other cellular material from animal and human soft tissue leaving
an acellular tissue scaffold which is not rejected by the patient's
body and can then be used to repair diseased or worn out body
parts. Current applications address many critical clinical needs
such as sports medicine, heart valve replacement and wound
care.
In November 2012 Tissue Regenix Group plc set up a subsidiary
company in the United States - 'Tissue Regenix Wound Care Inc.',
January 2016 saw the establishment of joint venture GBM-V, a multi-
tissue bank based in Rostock, Germany.
In August 2017 Tissue Regenix acquired CellRight Technologies(R)
, a biotech company that specializes in regenerative medicine and
is dedicated to the development of innovative osteoinductive and
wound care scaffolds that enhance healing opportunities of defects
created by trauma and disease. CellRight's human osteobiologics may
be used in spine, trauma, general orthopedic, foot & ankle,
dental, and sports medicine surgical procedures.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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