Tissue Regenix Group PLC Additional US government-backed loan secured (1128K)
April 20 2020 - 2:00AM
UK Regulatory
TIDMTRX
RNS Number : 1128K
Tissue Regenix Group PLC
20 April 2020
This announcement contains inside information
Tissue Regenix Group plc
Additional US government-backed loan secured
Leeds, 20 April 2020 - Tissue Regenix Group (AIM:TRX) ("Tissue
Regenix", the "Group" or the "Company"), the regenerative medical
devices Company, announces that the Group has received a further
$417,000 loan (the "Loan") under the US government backed COVID-19
business support scheme. The funds in respect of the Loan have
already been received by the Company.
This funding is in addition to the receipt of a US
government-backed loan of $629,000, announced on the 15 April 2020,
and combined, offer over $1m of US government support during the
COVID-19 pandemic.
Both Loans are subject to the same conditions, which include a
two-year term and carry a 1% annual interest rate deferred for six
months. However, under the Loan agreements, the principal will not
require repayment if the funds are used to support employee
payroll, healthcare, utilities and rent payments within the US
during the next two months. The Company intends to use the funds to
support these activities and therefore expects the Loan not to
require repayment.
Following receipt of the Loan, the Board now expects that the
Group's current cash runway will extend at least until after the
first week of August.
The person responsible for this announcement is Gareth Jones,
Interim CEO.
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
============================================= ====================
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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