Tissue Regenix Group PLC Update in relation to working capital position (9539H)
March 30 2020 - 2:00AM
UK Regulatory
TIDMTRX
RNS Number : 9539H
Tissue Regenix Group PLC
30 March 2020
This announcement contains inside information
Tissue Regenix Group plc
Update in relation to working capital position and impact of
COVID-19 pandemic
Leeds, 30 March 2020 - Tissue Regenix Group (AIM:TRX) ("Tissue
Regenix" or the "Company") the regenerative medical devices
company, today provides an update in relation to its working
capital position and an initial assessment of the impact to its
business following the outbreak of COVID-19.
Following the trading update announced on 22 January 2020,
Tissue Regenix has successfully implemented various cost control
measures, resulting in the Board's belief that the Company's
available cash runway will now continue to support its working
capital requirements until at least the end of the second week of
May 2020.
As previously announced, the Board is endeavouring to secure
necessary funding for the Company. The Board is encouraged by a
number of ongoing discussions with potential investors which the
Board is working to conclude in the near future. However, there is
no guarantee that any such discussions will result in near-term
funding being made available to the Company. Should this funding
not be forthcoming before the Company's available cash runway
expires (not expected by the Board to be before the end of the
second week of May) then the Board will be required to take action
to protect the interests of creditors and which, if necessary, is
likely to result in a material reduction in any resulting value
attributable to shareholders.
COVID-19
During this pandemic, the Board's priority is to safeguard the
health and safety of the Group's employees and local communities,
as well as support and enforce government actions to slow the
spread of the virus. The Company has implemented UK and US
government-led policies in relation to the COVID-19 crisis and will
continue to monitor the evolving situation. Currently, the San
Antonio facility remains fully operational with no material impact
on processing. The facility is aligned with the recommendations
from the American Association of Tissue Banks regarding tissue
procurement guidelines and there continues to be no constraints on
supply of tissue. The re-prioritisation of health care
professionals has led to a slight decline in the number of elective
procedures undertaken, which has been most evident in
urogynaecology. However, demand for the Company's BioRinse(TM)
portfolio continues to exceed capacity. Consequently, the Company
currently has not experienced any material reduction in net
revenues versus expectations.
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
--------------------------------------------- --------------------
Stifel Nicolaus Europe Limited (Nominated Tel: 0207 710 7600
Adviser and Broker)
Jonathan Senior / Alex Price / Ben Maddison
--------------------------------------------- --------------------
FTI Consulting Tel: 0203 727 1000
Simon Conway / Victoria Foster Mitchell
/ Mary Whittow
============================================= ====================
The person responsible for this announcement is, Gareth Jones,
Interim CEO.
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
UPDBSGDXIBDDGGC
(END) Dow Jones Newswires
March 30, 2020 02:00 ET (06:00 GMT)
Tissue Regenix (LSE:TRX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tissue Regenix (LSE:TRX)
Historical Stock Chart
From Jul 2023 to Jul 2024